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Advancement: Your Connection to Union

Couple's Estate Provides Unique Gift

Ira and Margie PoundUnion College enjoyed a long friendship with Ira '44 and Margie Pound, both now deceased. Ira and Margie loved Union so much they gave to the college nearly their entire estate, valued at more than $800,000, without restriction on how the funds are to be used.

The Pounds did not have children of their own so partnering with Union made perfect sense to them. "They wanted their estate to go to something they felt strongly about," said Les Speer, executor of their estate. Ira and Margie believed that supporting Union College through their estate would help change the lives of young people through a Christian education.

Ira enjoyed his time at Union College and wanted Union's current and future students to enjoy the same Christian experience. Although Margie did not attend Union, she was a nurse throughout her career and wanted to help future nurses obtain an excellent education. During their lifetime the Pounds contributed annually to two separate scholarships at Union: one scholarship assisting students studying nursing and the other scholarship helping members of the Union College Concert Winds.

The bulk of the Pounds' estate consisted of their life savings, which came to the college in cash, but they also had some intriguing collectibles. Ira and Margie enjoyed beautiful things, and Margie enjoyed nothing more than collecting sea shells. She had more than a thousand shells in her collection from all over the world, in a variety of shapes, and ranging in size from as small as an acorn to as large as a lunch box. Margie was quite meticulous about her shell collection, labeling each one with its family, genus and species along with where and when the shell was found.

"Ira told me many times how happy he was that Union would get Margie's shells and use them in the science department," Les explained, "and I know giving this collection was very personal for Margie, it was like she was giving a part of herself to Union."

Dr. Amy Utt, assistant professor of biology at Union College, was amazed when she first saw the collection and enthusiastically accepted them in the biology department. "My colleagues and I are excited to receive the collection and we will make sure they are put to good use," Dr. Utt explained. "The shells will be used in future classes, perhaps in general biology, and I would like to put them on display in the Krueger Center as well."

Because the Pounds' estate gift was undesignated, Union College's Board of Trustees will decide how this generous act of philanthropy will be allocated. The college received several undesignated estate gifts in 2014-over $4.2 million including the Pounds' estate gift-and the trustees are carefully studying how best to use these gifts to strategically make a lasting impact on the college.

If you would like to support Union's mission like Ira and Margie have by leaving a portion of your estate to Union College please contact Ken Farrow at 402-486-2600, Ext. 2200 or Ken Farrow is pleased to help you create a plan that will make a meaningful impact on the lives of students for generations to come by leaving your legacy at Union College.

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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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