Time Creates a Greater Gift
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In 1977, Duluth native Leverne Sax established a charitable remainder trust with a gift of $319,000 and named the U of M Foundation as beneficiary. She made the gift to honor the memory of her late husband, Dr. Milton H. Sax.
During her life, Leverne received an annual income from the trust, which earned interest and would eventually be passed on to the Foundation to create merit-based endowed scholarships for undergraduate pre-medical students at UMD.
Leverne and Milton H. Sax, who was a 1931 U of M graduate, were longtime Duluth residents with a strong commitment to higher education. Through his estate, Milton Sax left almost $1 million for the benefit of the U of M Duluth's Tweed Museum, where there now exists the Sax Gallery.
They expressed that they hoped their gifts would provide a "margin of excellence" at the University of Minnesota Duluth. With the passage of time, they certainly have done just that. After Leverne died in October, 2005, the total distribution to UMD from her charitable trust had grown to a total of $1.2 million.
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. 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. 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. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.