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Couple Helps Students Face Future Challenges

Patty Larson and Pete SaundersPatricia Larson, '70, and Peter Saunders believe today's students are faced with more challenges on a wider range of issues than their own generation.

"We believe those challenges come with opportunities for effecting positive change," Patty says. "We are pleased to see that students are accepting those challenges, and that UNI continues to adjust its course offerings to help students explore solutions."

Patty and Peter see that students are addressing attitudes that have long held back women and minorities.

"We are pleased students are confronting harassment in all its forms," Patty says. "Their efforts give us confidence that, as they take their places in society, they will help it to move forward in treating all people fairly and with dignity."

Patty's UNI degree emphasized analytical, research and writing skills, which were critical to two successful careers. After serving as a high school math teacher and special-needs educator for several years, she pursued a legal career. Patty advanced from a clerkship in federal district court to a litigator, retiring as deputy general counsel for the American Bar Association. She is most proud of her role in the preparation of amicus briefs the ABA filed in the U.S. Supreme Court, and especially in the amicus brief it filed in the gay marriage case Obergefell v. Hodges.

"I've always believed I owe a great debt to UNI and its wonderful professors and staff for my professional success," she says.

To ensure a successful future for students, Patty and Peter have established a gift that pays them income for the rest of their lives, known as a charitable gift annuity.

"We wish for today's students great success and happiness in a future in which social and technological advancements will come at a faster and faster pace," Patty says. "We wish for them the confidence and enthusiasm to continue to confront social and technological issues and to search to answer the age-old question of what kind of future will be left for the world's children."

In Appreciation

We are grateful for visionaries like Patty Larson and Pete Saunders, whose generosity will help future generations of UNI students overcome obstacles and find success.

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to the University of Northern Iowa 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

Bequest Language

"I, [name], of [city, state, ZIP],
give, devise and bequeath to the University of Northern Iowa Foundation, an
Iowa nonprofit corporation of Cedar Falls, Iowa, [written amount or percentage
of the estate or description of property] to be used for such purposes as the
Board of Trustees may determine."

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 the UNI Foundation 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 the UNI Foundation 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 the UNI Foundation 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 the UNI Foundation where you agree to make a gift to the UNI Foundation 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.

Personal Estate Planning Kit Request Form

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