Special Rewards Come From Gifts

Allen '65 and Judith Weltmann smiling

Allen '65 and Judith Weltmann

Penn State is Allen's alma mater, but Judi has also adopted the beloved University as her second home. Their loyalty has led them to become dedicated supporters-and they love watching their gifts come to life.

"We both know the importance of getting an education," Allen says. Beyond obtaining a degree in accounting that launched him into a 41-year career with PricewaterhouseCoopers, Allen's four years at Penn State helped prepare him for his career. Judi's master's and bachelor's degrees led her to a long career in human resources and her current business, ProLawInsurance.

In the 1980s, Allen and Judi made their first gifts to Penn State by setting up a scholarship in what was then the College of Business Administration. Each year, they receive a letter from a grateful recipient, which makes the connection real.

Recently, the Weltmanns have discovered a new passion-the University Libraries, where they have endowed books on ethics in the business section. "The Libraries are truly the heart and soul of any university," explains Allen, who currently serves on the Libraries Campaign Committee.

Excited by the new and transformational Knowledge Commons in the Libraries, which will bring multiple services and resources together in a warm and inviting environment, the Weltmanns have worked creatively to name a space within the new student-centered area. To maximize their giving, they are leveraging a cash gift with corporate matching funds and an estate bequest.

"We feel very good about our support for the Libraries. The Libraries don't get as much support because they are not a College," Judi says. But by giving to such a central part of the University, the Weltmanns will, in fact, touch all Penn State students and enhance their learning experience.

A charitable bequest is one or two sentences in your will or living trust that leave to The Pennsylvania 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 give to The Pennsylvania State University, a nonprofit corporation currently located at c/o Office of Gift Planning, 212 The 103 Building, University Park, PA 16802, or its successor thereto, ______________* [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.

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 Penn State 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 Penn State 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 Penn State 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 Penn State where you agree to make a gift to Penn State 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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