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  5. A View From Above

A View From Above

donor-suttner.jpg

Professor Lee and Virginia Suttner

Virginia Suttner closes her eyes, and you can see the treasured memory come to life in her mind as a warm smile washes over her face.

"It's just so beautiful," she says. She is sitting with her husband, Professor Lee Suttner, in their living room in Bloomington. But really, she's 1,800 miles away.

Home and Away
Virginia is recalling the beauty of IU's Judson Mead Geologic Field Station in Montana. And if you were at the Suttners' home in Bloomington, you'd get a sense of what she is talking about. The walls feature paintings—vistas around and of the Station. Each depicts scenes of serenity and peaceful mountain-scapes. It's no wonder that their planned gift is to help enhance this IU treasure that, for them, is also a family treasure.

For aspiring geoscientists, the Station is a classroom, and a crucial one. Lee will tell you that the energy industry needs graduates. An expected surge in retirements of geologists, geophysicists, geo-biologists, and geo-chemists will create a vacuum. "It is a crisis for the industry, but an opportunity for Indiana University," says Lee.

There's Something Special About Montana
The Station makes IU a leader in teaching geosciences in the field. Its location is rich with differing types of geological phenomena. According to Professor Suttner, there are four structural styles in western North America that every student should study. But only in the vicinity of the Station do as many as three of the styles converge. That provides a critical advantage for students who enroll in the Indiana University field program.

"Nintendo geologists," is how Lee describes geologists trained on computer models. "Students need to get out into the field to truly understand the limits of these models," he insists.

The Suttners' gift leads a campaign to endow the Station. The endowment will fund new curriculum opportunities while enhancing the facilities. Moreover, it will create new scholarship opportunities.

By expanding the Station, the Department of Geology will be able to open it up to more students, including pre-college students and their teachers, professionals, and even adults seeking travel and a learning adventure. The hope is that the Station will become a self-sustaining asset of IU.

A Family Treasure
"We owe a lot to the university," says Lee. "We've had great satisfaction in our life with IU. And the greatest source of satisfaction has been, for me, teaching in the field. We must now give something back."

But the Station is also woven into the fabric of the family. The Suttners' children spent summers there as their father led groups of students out into the Tobacco Root Mountains of Montana. Today, those same children are adults whose fondest memories are of their summers in Montana.

All of this fits nicely into Lee's philosophy of teaching, "Never stop learning, never stop laughing, never stop loving," he says. It's a philosophy the Suttners have lived at IU, and in Montana.

Tell Me More
Like many donors, the Suttners chose to make their gift to Indiana University through a charitable remainder trust. Through this giving vehicle, donors receive income for life, an immediate and substantial tax benefit, and the knowledge that their gift will help Indiana University blossom. Contact the Office of Gift Planning at 800-558-8311 or giftplan@indiana.edu for more information.

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.Privacy Policy | Cookie Policy

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A charitable bequest is one or two sentences in your will or living trust that leave to Indiana 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 Indiana University, a nonprofit corporation currently located at Post Office Box 500, Bloomington, IN 47402, 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 IU 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 IU 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 IU 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 IU where you agree to make a gift to IU 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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