Charitable Remainder Trusts
Planned Gifts - Increase your Income for Retirement
Description | FAQ | Testimonials
A charitable remainder unitrust provides an annual payment based on a fixed percentage of a yearly determination of the value of the trust assets. The unitrust can be for the life of one or more individuals or for a specified term up to 20 years. Upon termination of the annual payments to the beneficiaries, the remainder of the trust passes to the University of Florida Foundation. Therefore, as with the gift annuity, you would be eligible for an income tax deduction the year the gift is made. A unitrust can sell capital gain property contributed to the unitrust without either the donor or the unitrust recognizing capital gain.
Charitable Remainder Unitrusts Frequently Asked Questions and Answers
Woodward Supports UF’S Preservation of Marine Resources
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| Bob & Elaine Woodward |
Robert (Bob) Woodward is a fourth-generation Floridian who grew up on a farm in Quincy, Florida. Bob majored in agronomy and worked for many years in the state’s agricultural industry while managing the family farm in Gadsden County. He started his own fertilizer company in Quincy in 1967 and retired from that venture in 1984. Since that time he’s been active in his real estate business, focusing on farm land, while continuing to manage the family farm. He was appointed by Governor Lawton Chiles to serve on the Florida Marine Fisheries Commission, where he served for eight years. He is currently serving on the executive committee of the SHARE Council, which works closely with the University of Florida Foundation, Inc. to raise money for the Institute of Food and Agricultural Sciences. Bob is also a member of both UF’s President’s Council and Alumni Association.
When asked about what motivated him to think about making a gift to the University of Florida, Bob said, “Being on the Marine Fisheries Commission and seeing the importance of the fisheries and the coastal habitat gave me a greater appreciation for our marine resources and the need to preserve them for future generations. I served with former UF President Bob Marston on the commission, and I discussed a gift to the University of Florida with him. With the encouragement of attorney Pat Geraghty, another UF alum and Marine Fisheries commissioner, I decided a gift was the best way to go.” Mr. Woodward’s gift will be utilized to benefit the Department of Fisheries and Aquatic Sciences at the University of Florida.
When Mr. Woodward began investigating the various ways that he might support the University, he learned about the tax advantages of funding a charitable remainder unitrust with highly appreciated securities. These advantages included voiding capital-gain tax on the sale of the securities held within the trust and the fact that his gift would make him eligible for a charitable income-tax deduction. These tax benefits combined with a lifetime income for him and his wife Elaine, made this a viable and attractive option for his gift to the University of Florida. According to Mr. Woodward, “The staff at the University of Florida’s planned giving department was very helpful to me in setting up my own charitable remainder unitrust. These things are fairly complicated and complex, and I was greatly impressed with the expertise and assistance the staff provided. They dealt with me in a most professional manner, and as a businessman I appreciated the way that they worked with me throughout the whole process.
"We’re certainly proud of Bob Woodward as a 1955 graduate of the University of Florida. We’re also deeply appreciative for the generous support that he has elected to provide to the University through his charitable trust. We encourage other alumni to follow Mr. Woodward’s example by helping support the University of Florida’s quest for greatness.
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