Gift Planning

A Legacy as Bright as Diamonds

Penn State campus

Gift Planning

A Legacy as Bright as Diamonds

Irma and Charles Millard

“Every person who has played a hand in or has supported THON breathed life into my husband. Their tireless efforts truly inspired him to keep the mission of Four Diamonds alive, and I am so grateful to be able to support those individuals in any way that I can moving forward.”
—Irma Millard, co-founder of Four Diamonds and Penn State donor

When Charles and Irma Millard learned of their young son Christopher’s cancer diagnosis, it would have been easy to allow fear, uncertainty, and exhaustion to consume their family. But through his bravery and positive attitude, Christopher wouldn’t let that happen—and his strength helped fuel a worldwide movement to defeat childhood cancer.

In 1972, Charles and Irma founded Four Diamonds, an organization designed to assist children and families dealing with a pediatric cancer diagnosis. Since its founding, Four Diamonds has helped over 4,800 families by covering 100% of their medical bills. Four Diamonds also supports pediatric cancer research at Penn State Health Children’s Hospital.

“Seeing the support that Four Diamonds has generated throughout the years has meant so much to our family,” Irma said. “The support that we received from the Jimmy Fund when Chris was diagnosed made such a profound impact on our lives, and we are so grateful to have had the opportunity to provide that same support to families who have been and are currently impacted by this disease.”

The scope of Four Diamonds’ impact is, in part, thanks to a powerful relationship with THON, Penn State’s dance marathon. This year marked the 50th anniversary of THON—an anniversary that was celebrated with a record-breaking $13.7 million raised for Four Diamonds during THON 2022. Since teaming with Four Diamonds, THON has become the world’s largest student-run philanthropy and has raised over $190 million in support of fighting childhood cancer. All of the proceeds from THON are used by Four Diamonds to fulfill its mission.

This year also marked the first THON since Charles’s passing in late 2021. It was a bittersweet moment for the entire Millard family, but Charles’s memory lives on through the unwavering devotion of those who are carrying on his life’s work.

“When Charles visited Penn State and learned about THON, it was love at first sight,” Irma said. “The THON community embraced the mission of Four Diamonds and helped to transform it into the resource that it is today.”

The Millards’ legacy is defined by the “Four Diamonds”—courage, wisdom, honesty, and strength—their son wrote about in a short story that inspired the name. But their legacy is also defined by their lifetimes of service and their personal philanthropy. In addition to their giving to THON, Charles and Irma have demonstrated their dedication to Penn Staters by making annual gifts to the Penn State Alumni Association and creating a $100,000 planned gift to the Four Diamonds Fund.

“Although we are not Penn State graduates, the University community welcomed us as one of their own,” Irma said. “We became acutely aware of the amazing things that Penn Staters can accomplish through our special relationship with THON, and we recognize the importance of supporting them by providing the resources they need to succeed in chasing their passions for many years to come.”

Many annual donors to THON and Four Diamonds do not realize they can leave a bequest to benefit Four Diamonds and support the efforts of THON. If you, like the Millards, are interested in providing this type of future support, please contact The Office of Gift Planning at 888-800-9170 (toll free) or giftplanning@psu.edu to discuss your options for adding a future gift to your plans.

A charitable bequest is one or two sentences in your will or living trust that leave to Penn 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 Penn State University, a nonprofit corporation currently located at c/o Office of Gift Planning, 329 Innovation Boulevard, Suite 313, State College, PA 16803-6606, 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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