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Advancement: Your Connection to Union

A Love for Union

Gloria Greig Pierce (’55)

Gloria Greig Pierce (’55)

In the early fifties, Gloria Greig Pierce ('55) and Crawford Pierce '55 (now deceased) found something special in Union College. In addition to meeting each other in 1953, they also discovered their love for Union. Like many college students, they worked hard to afford a Christian education. Now after more than 60 years, Gloria continues to share her enthusiasm about Union College with everyone she meets.

"Union produces great leaders," Gloria declares. "I am interested in supporting the college any way I can." One of the many ways Gloria has dedicated her life to serving the college is by establishing an endowed scholarship.

"It is a wonderful feeling to see a student receive a scholarship and know that our fund will live on forever," states Gloria.

The Pierces developed their first endowment in 1989 with a gift of a car lot and plot of land they owned near the college. Years later they chose to increase their giving to Union College by gifting a commercial building to fund a charitable remainder unitrust. This planned giving option provides Gloria with a lifetime income, and at the end of her life, the remainder will then be added to their existing scholarship fund.

Gloria’s firm belief in Union College caused her to trust not only her financial gifts but also her family to its care. Two of her children and most of her grandchildren have attended Union at some point.

"Union is a family," Gloria observes. "The students, faculty and staff share a kindness that can only be found in the Midwest." The Pierce "family" continues to grow as Gloria becomes acquainted with as many as 10 students a year who receive her scholarships.

Through planned giving, Gloria has fulfilled her lifelong mission to support Union College. Her commitment comes naturally, generated by a genuine belief in the opportunities Union College gives to its students. "I will never regret being associated with Union College," Gloria says. "Union will always be my first love."

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A charitable bequest is one or two sentences in your will or living trust that leave to Union College a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Union College, a certified 501(c)(3) not-for-profit corporation registered in the State of Nebraska, [written amount or percentage of the etate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Union College or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Union College as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Union College as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Union College where you agree to make a gift to Union College and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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