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Advancement: Your Connection to Union

Providing for Family + Establishing Union College Scholarship = Barbara Pogue's Formula for Success

Barbara PogueBarbara Pogue '50 loves going back to Union College for Homecoming Weekend. She has returned three of the last six years and has already bought tickets to fly back next month.

Barbara's favorite part of Homecoming Weekend is catching up with fellow classmates and running into students she taught while a remedial math instructor at Union College. One year while walking on campus, Barbara heard a familiar voice say, "Mrs. Pogue, do you remember me?" When Barbara turned around she was delighted to see one of her students who had struggled with math but had become a successful medical doctor. "What a thrill that was!" Barbara says.

"This year I'm looking forward to celebrating all of the math and science teachers who have taught in Jorgensen Hall," Barbara says.

Every time Barbara returns for Homecoming Weekend, she also visits the advancement office to update her trust.

"When my husband and I set up the trust, we wanted half our estate to go to our kids and the other half to go to Adventist Institutions, including Union College," Barbara says. But when her husband passed away, Barbara decided students should benefit from her estate now instead of waiting until after she died. A few years ago, with help from the advancement staff, Barbara took assets out of her trust and established a scholarship with the funds.

Since modifying her trust, Barbara has been delighted to talk with and meet the students who have received awards from her scholarship. One year, while back for Homecoming Weekend, Barbara decided to walk through Jorgensen Hall late on Friday afternoon, but was disappointed when she didn't see anyone. Eventually she came across a student who had stayed late to do some work in one of the labs and, after starting a conversation, Barbara realized she was speaking with the student who was the recipient of her scholarship that semester. "Can you believe it? The only person I ran into and she was the one I was helping!" Barbara says.

Barbara explains that as she grew older her priorities changed, which compelled her to amend her estate plans. To this day, she is making sure that any issues in her estate are taken care of. For example, the assets in Barbara's portfolio have shifted over the years and she is now concerned that her beneficiaries may have a substantial tax burden. She's already made an appointment in the advancement office during Homecoming this year to talk about making some changes to her trust once again.

If you would like to talk with someone about your estate plans while visiting campus during Homecoming Weekend next month, please call Ken Farrow at 402-486-2600, Ext. 2200 or email him at ken.farrow@ucollege.edu to set up an appointment. Ken Farrow is eager to help and is never too busy to assist people in planning their estates.

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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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