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The Gschneidners Stress The Importance Of Education By Designating Detroit Mercy As A Beneficiary

Karl Gschneidner

Karl Gschneidner ’52 believed that a good education makes a positive difference in the world. His desire for students to achieve success in their studies was the reason he and his wife, Melba, have designated University of Detroit Mercy as one of the beneficiaries of a Charitable Remainder Trust.

“The solution to a lot of the world’s problems is through education,“ said Gschneidner. “The biggest need is to support students in school. I hope our contribution to Detroit Mercy will be used to fund scholarships.”

Gschneidner, who passed away in April 2016, understood the power of education first hand. As a student at U of D, he excelled in science and chemistry and was head of the chemistry club. He received his bachelor’s degree from the then College of Arts and Sciences, and credits his faculty advisor, Professor Everette Henderson, for guiding him toward Iowa State University (ISU) where he earned his doctorate in physical chemistry.

Eventually, Gschneidner’s passion for chemistry led to a dual career, which spanned four decades. At the Ames Laboratory, Gschneidner worked as a senior metallurgist. As a distinguished professor at ISU, he instructed students in the Department of Materials Science and Engineering, College of Engineering.

Gschneidner returned to Detroit Mercy in 2000 to be honored as the Science Alumnus of the Year. This honor joined an already lengthy list of professional accomplishments recognized by industry associations and the U.S. Department of Energy. In 2007, he reached the high point in his career when the National Academy of Engineering elected Gschneidner as a member for his contributions “to the science and technology of rare earth materials.”

Gschneidner traveled extensively to visit his four children who live around the country and to give speeches in his area of expertise, including his address at the 25th anniversary of the Rare Earth Society of Japan.

Through all of his life experiences, he stressed the main reason for his success: his undergraduate education at University of Detroit Mercy.

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A charitable bequest is one or two sentences in your will or living trust that leave to University of Detroit Mercy 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 University of Detroit Mercy, a nonprofit corporation currently located at 4001 W. McNichols Road, Detroit, MI 48221-3038, 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 Detroit Mercy 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Detroit Mercy as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Detroit Mercy 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 Detroit Mercy where you agree to make a gift to Detroit Mercy 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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