2015: SKINNERS DONATE FAMILY LAND
Charitable remainder unitrust Type of Gift:
Fund a trust using cash or appreciated property. Method:
Receive payments for life or a term of years and capital gains tax deductions. Benefits:
Mack Skinner '79 and his wife Debbie '79 created a charitable remainder unitrust so that proceeds from the sale of their land could support future Aggies.
Upon inheriting his family’s ranch, Mack Skinner ’79 had to make a choice. Though he treasured memories of hunting, fishing and ranching on the old property in Abilene, he knew improvements to the land would involve significant time and costs. After discussing the decision with family, Mack and his wife Debbie ’79 created a charitable remainder unitrust so that proceeds from the sale of the land could support future Aggies.
“This gift allowed us to get the most value out of the land while preserving its legacy,” Skinner said. “We’re keeping our family legacy alive through the scholarships our gift will create for future students and the payments it will provide for my family, even through my daughter’s lifetime.”
A charitable remainder unitrust can be funded with real estate, stock or cash. Once established, the trust provides its owners and their designated beneficiaries payments for a specified term of years. After that period is over, the Foundation uses the remainder to fulfill the owner’s intentions. In the Skinners’ case, the gift will create scholarships for students in the College of Agriculture and Life Sciences as well as a high-impact learning endowment to support lectures, internships, study abroad and similar experiences for Aggies in the college.
“The gift planning officers at the Foundation were incredibly helpful during this process,” Skinner said. “Everyone has their own way of giving back, but we believe in education as the key to success and in Texas A&M’s ability to provide success for students.”