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Advancement: Your Connection to Union

Langs Lead a Life of Lasting Support

Lang Family

The Lang family is honored by Union College with the commemoration of the Lang Amphitheater. Standing outside the Lang Amphitheater are Kevin Lang '78, Darice Lang, Ramona Lang '65, Jerome Lang '65, Jolene Lang Hilliard '72 and Dennis Hilliard '72.

Jerome '65 and Ramona ('65) Lang have supported Union College for more than 40 years because they want to help students, and they have found a way to help every single student attending Union today and for decades to come.

Union College has experienced a period of renovation and growth over the last 15 years and the Langs have been at the forefront of all of these projects, either through their involvement in board committees or through their leadership role in philanthropic support. From the Ortner Center to a new student center and new spaces for two academic programs in the Don Love Building and finally to the newest undertaking — the 57,000 square—foot Krueger Center for Science and Mathematics, Jerome and Ramona have stepped up to lend their support.

Jerome spoke of Union's latest project, the Krueger Center, saying "This building is a real benefit to all the students at Union College. I'm happy it has all worked out."

And one of the reasons the Krueger Center has worked out is because Jerome and Ramona were the very first individuals to pledge support for the project. Through their leadership and desire to see the dream of a new science and mathematics center become a reality, many other donors were inspired to pledge their support as well. "The entire (Union College) community came together to create a really nice building that will benefit the students and the college as a whole," Jerome added

Jerome recognizes that brick and mortar is merely a tool for the faculty who teach within those walls; their interaction with the students and how they utilize the classrooms and laboratories define the importance of the building. It is the spaces in and out of the classroom where faculty and students gather together to ask and debate life's questions, study and daydream, laugh and cry that allow the spirit of Union College to carry forward from one generation to the next. As Winston Churchill said in 1944, "We shape our buildings; thereafter they shape us."

To fulfill their pledge of support to the science and mathematics center, Jerome and Ramona chose to give something as tangible as the Krueger Center and of no less permanence than the college itself — a gift of land. "If I was a few years younger I would have developed the land myself, but I just don't have the time. So I think it was best to give it to Union," Jerome explained. Had he sold the land so he could make the gift of cash, he would have had a large capital gains tax bill to pay. By transferring the land to Union College Jerome and Ramona avoided paying any capital gains tax and also received a charitable income tax deduction for the entire fair market value of the land.

Dr. John Wagner, Union College president, greatly appreciates all the Langs have done for Union. "The support Jerome and Ramona have given to Union College has helped transform this campus, especially over the last 15 years, and now we are in a much better position to prepare our students to be the teachers, medical providers, researchers, entrepreneurs and leaders of the future."

The college is pleased to commemorate Jerome and Ramona Lang's generosity and have done so in several of the new or renovated spaces on campus: the Lang Conference and Guest Center in the Ortner Center, the Lang Lounge in the Student Center and the Lang Amphitheater Wing in the Krueger Center.

And yet, after faithfully giving back to their alma mater for nearly half their lives, Jerome and Ramona haven't finished giving to Union College. It's been a priority for them to give to Union during their lifetime and so they have made it a priority to include Union when they give their final gifts from their estate. Jerome and Ramona are proud members of ForeSight, Union's legacy society that honors those who plan to give a gift to Union upon their death.

Jerome explained why he and Ramona are ForeSight members and why they continue to support Union after all these years by saying, "You would like to think you can help students."

Are you interested in helping students as well? If so, please contact Ken Farrow at 402-486-2600, Ext. 2200 or Ken Farrow wants to help you find the best way to help students, too.

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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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