Life Has Been Good to Us

WSU donors Ron and Nora Axton like the advice of baseball great Yogi Berra: If you come to a fork in the road, take it. "Fortunately, we're very happy with the forks we took," Ron says. "Life has been good to us, and maybe we can help someone else. " The couple recall when their early years together were lean. "When Nora and I first got married, we struggled so hard," says Ron. "We did everything we could to make ends meet. It took me 11 years to go through school, including a two-year stint in the Navy." An important fork in their road came in 1966, when Ron graduated from then Weber State College with a degree in political science. At the time, he was the only member of his family to have earned a college degree. He says he does not regret working so hard to stay in school, but he and Nora know how much a scholarship could have helped them then. "Weber was so good to me that I thought we could make it a little easier for someone else," Ron says. "Fortunately we are in a position to do something." He and Nora are using the benefits from their good decisions along life's road to help today's Weber State University students earn their degrees. The couple has not only endowed a scholarship with their current gifts, but they have established a trust that will add to it after their deaths. Countless future students will benefit from their planning and generosity. The Axtons retired in 1990 from Hill Air Force Base. They also owned Axton Enterprises of Ogden, a successful photography studio. The most recent fork in their road led them to St. George, Utah, where they are enjoying their retirement with such activities as golf and volunteer work.

WSU Employee To Earn 12.7% at Retirement

Before Laura May took a two-year leave from her position at Weber State University's Continuing Education Division, she planned for her financial situation in her retirement years. She explored several ideas on how to provide for an income when she reached 65 years of age. Laura saw an ad on the WSU Electronic Bulletin Board that piqued her interest. The Weber State University Gift Planning Office had placed an ad about a life-income plan for retirement. The plan offered a high interest rate starting at age 65 with part of the income tax free. After consulting with the Gift Planning Office, Laura made the decision to fund a Deferred Charitable Gift Annuity. She was pleased with the idea that she would receive an annual 12.7% rate of return when she reached age 65 with the income guaranteed by the WSU Foundation for the rest of her life. Another attractive benefit is that 34.8% of her annual income is tax-free. The most appealing aspect of the arrangement was the fact that the residue from the annuity will assist Weber State University students with their education after she passes away. Her gift will be used by the university for its greatest needs as determined by the WSU President's Council. Laura says, "I liked the idea of a fixed, guaranteed, lifetime income that is not affected by the ups and downs of the stock market, or interest rates. The fixed income will provide me with security during my retirement years and I won't have to deal with managing this part of my finances. The deferred gift annuity is exempt from estate taxes and is omitted from my estate assets. I'm also pleased at the opportunity to provide financial support for future Weber State students."

Guaranteed Lifetime Income

Lamont and Marion Shupe of North Ogden were concerned about their savings account that paid a very low rate. Lamont is retired and wanted to make sure that Marion will have as much income as possible if he should pre-decease her. Mr. Shupe said, "After a year or two of receiving mailings about a life-income plan from the Weber State University Gift Planning Office, I called the office to inquire about a Charitable Gift Annuity I had read about. "I learned that Marion and I could receive a fixed, guaranteed, lifetime income by making a gift of $10,000 or more to the WSU Foundation. We were excited that our payout rate of 6.0% was much higher than we were receiving from our savings account. And to top it all off, 61.9% of our annual income would be tax-free," said Mr. Shupe. The Shupes entered into a simple one-page gift annuity contract that gives them the satisfaction and comfort of knowing that their income from the gift annuity will not change or be affected by the stock market or interest rates. Lamont added, "We feel that the combination of an increased, fixed, guaranteed income and tax benefits, coupled with our desire to assist future students with their education was too good to pass up. After we pass away, the remaining funds in the gift annuity will be used by WSU for scholarships for deserving students."

Love for Weber Leads to Giving

Harold C. and Grace M. Steed have spent a lifetime investing in their family and community. Having enjoyed a long association with Weber State University, the couple also chose to invest in WSU students. Harold, who retired in 1992 as chairman, president and chief executive officer of Community First Bank, served for 17 years on the WSU Institutional Council and the Board of Trustees. The couple attended many campus events and were exceptionally fond of the students and faculty. Prior to Harold's passing in 1994, he and Grace established a scholarship endowment in the John B. Goddard School of Business & Economics. The couple also supported music, art and athletics at the university. A few years ago, Grace set up a charitable reminder unitrust through her bank, which gives her a lifetime income. When she passes away, the trust will provide additional funding for the Goddard scholarship endowment. Grace said: "Harold and I loved our association with Weber State University and made many friends in the administration and among the community supporters of the institution. Before Harold passed away, he asked me to continue supporting Weber State. He wanted to make sure that future students at WSU will receive assistance with their education. We were able to do that and still provide an inheritance for our children and grandchildren."

Helping Themselves and WSU Students

Carl and Lorna Barker both attended Weber College and were interested in providing scholarships at WSU but wondered how they could do that and maintain or increase their income. They owned a piece of property that they wanted to sell, but were concerned about capital gains taxes. Then they heard about a way to donate their land, get a tax deduction for a charitable gift, avoid capital gains taxes, and receive a high rate of income for the rest of their lives. A Charitable Remainder Trust was perfect for what the Barkers wanted to accomplish. They donated their land to the trust and the trust sold the land. The money from the sale of the property was invested by the trustee of the trust, and the Barkers soon started receiving an annual income. After Carl and Lorna pass away, the trust and its income will be used by Weber State University for scholarships as directed by the Barkers in their trust document. Carl said that he and Lorna "liked the idea that we can help future students attend Weber State University who might not be able to fund their education." The Barkers are proud of the fact that all of their children attended Weber and had a positive experience. By arranging this transaction the Barkers avoided capital gains on the sale of their land. The land is also excluded from their estate, so they will not have to pay estate taxes. The Barkers were able to provide future scholarships for WSU students, receive a lifetime income, and still have assets to leave to their children.