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Former UNLV President, Wife Set Example and Encourage Others to Help UNLV

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Pat Goodall will be the first to tell you he's neither all-knowing nor all-seeing. Yet when it comes to the University of Nevada, Las Vegas, he very well might be the guy who knows best. That's because his history with UNLV— through years of involvement in widespread and intricate ways— affords him a special vantage point.

Pat (officially Dr. Leonard E. Goodall) and his wife, Lois, have invested gifts of time, talent, and treasure in UNLV since coming to know the university. Lois graduated from UNLV, as did the Goodalls' son, and Pat is the former university president (1979-84) and an emeritus professor. Through the years, the Goodalls have financially supported the university through scholarship programs, the annual fund, unrestricted contributions, and estate gifts.

Pat is quick to champion the importance of private donations. "Even though public universities receive taxpayer support, it's never enough," he says. "Public funding is such a small proportion of total support. Good universities need a level of private support to achieve excellence." That's why Pat encourages UNLV faculty and staff to embrace the special opportunity they have to continue their support and involvement with the university well into the future by making estate gifts.

According to Pat, while it's important that contributors target their gifts to their interests, it's equally important to make unrestricted dollars available. "Universities require monies where the president sees the needs are greatest," Pat says. "None of us can see the future. I've worked with UNLV for more than two decades and couldn't predict what it will need as it develops. We can't predict its legacy, but having a legacy is essential."

Because of such foresight and a relationship with the university that extends back many years, when it comes to UNLV securing its legacy of excellence, Pat knows that gifts from the university's friends are best.

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A charitable bequest is one or two sentences in your will or living trust that leave to the UNLV Foundation 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 the UNLV Foundation, a nonprofit corporation currently located at 4505 S. Maryland Parkway/Box 451006, Las Vegas, NV 89154-1006 , 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 UNLV 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 UNLV 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 UNLV 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 UNLV where you agree to make a gift to UNLV 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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