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Estate Gift to Establish First Endowed Professorship at Truman

Gerhardts"I knew that establishing an endowed professorship was the right thing to do, but after learning that it is the first endowed professorship at Truman, I know now that it was exactly what I should do," says Greg Gerhardt, Ph.D., a 1979 Truman graduate who has committed $1 million through his estate to create the Greg A. and Paulette C. Danielle-Gerhardt Endowed Professorship.

As one of the nation's foremost researchers on Parkinson's disease, Greg attributes much of his success to his educational experience at Truman. "Although I believe that I received good science and math training in high school," Greg says, "Truman propelled me to a higher level and gave me a competitive edge." He credits Truman's faculty, especially Dr. Kenneth Fountain, for encouraging him to pursue a career in chemistry and research. "At Truman, I did not have professors, I had mentors," Greg says.

In addition to honoring his faculty mentors, Greg established the endowed professorship to commemorate his late wife, Paulette. She thought very highly of Truman State University and the personal education Greg received. "I have allegiance to several universities, and we felt compassion to support them all," Greg says, "but Truman is the school where we felt we could make the most impact." The Greg A. and Paulette C. Danielle-Gerhardt Endowed Professorship will support a professor in chemistry or biology with a preference given to those teaching or researching neuroscience. Paulette knew how much Greg enjoyed his career and understood the academic freedom that an endowed professorship allows." She liked the idea that we would be supporting educators and researchers in perpetuity," Greg says.

As a faculty member at the University of Kentucky, Greg understands the importance of attracting and recruiting superior faculty. "Truman trains and nurtures great faculty, and then bigger schools can potentially recruit them away," Greg says. "To keep these faculty, you have to either give them something that they would not get at the bigger schools, or you have to give them something that they would get at a bigger school." Greg hopes that his and Paulette's endowed professorship will help Truman compete for renowned faculty.

Greg is a professor of anatomy and neurobiology at the University of Kentucky. He is also the director of UK's Morris K. Udall Parkinson's Disease Research Center, one of 13 such facilities in the country. For the past 25 years, Greg has focused his research on Parkinson's disease. In his free time, Greg enjoys scuba diving and downhill skiing, activities that he and his late wife enjoyed together. He looks forward to diving with great white sharks in South Africa in the near future.

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A charitable bequest is one or two sentences in your will or living trust that leave to Truman State University 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 Truman State University [written amount or percentage of the estate 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.

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 Truman 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Truman as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Truman 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 Truman where you agree to make a gift to Truman 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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