This Former Aggie Tennis Player and First-Gen College Graduate Are Utilizing Their Retirement Assets To Create Future Scholarships

After exploring their options, prayerful consideration solidified their decision to establish an after-lifetime gift through the Foundation. “We determined a gift amount, and coincidentally, one of our retirement accounts matched it almost to the dollar,” Michael said. The Cartwrights named the Foundation as beneficiary of the retirement account and designated their future gift to endow a scholarship for accounting students at Mays Business School.

An accountant himself, Michael sought an efficient tax-planning strategy while making plans for their estate, and he liked that retirement assets would help him and Stephanie maximize their donation. “Because our gift is a pre-tax 401(k) account, we won’t have to pay taxes on those earnings if we never withdraw funds, and the Foundation—as our beneficiary—won’t have to either because it’s a nonprofit,” Michael explained. “We felt this was a great way to efficiently make an impact with the dollars we’ve worked hard for.”

“The Cartwrights’ gift demonstrates the profound connection our former students have with our school as well as their commitment to ensuring future Aggies have the same transformative educational opportunities they experienced here,” he shared. “Planned gifts create a powerful cycle of giving back, a concept deeply rooted in the Aggie Spirit.”

The Cartwrights hope their generosity will inspire their children and future scholarship recipients not only to embrace education but also to continue paying it forward. “We’re teaching our kids that it’s a privilege to give,” Stephanie said. “It’s a small sacrifice, but to us, giving back is one of the most important things we can do.” To that point, Sharp added, “Michael and Stephanie have both achieved remarkable success in their careers, but their greatest achievements are their beautiful family and their commitment to the values that make Aggies unique.” 

True to that selfless spirit, the Cartwrights advise fellow former students to start planning now for the future. “Planned giving is something you can do as a young family,” Stephanie said, “but we realize a lot of our Aggie friends might not know about this opportunity.” Michael agreed, “You don’t have to be a certain age to start giving. It’s never too early to start planning for your estate and your legacy.”