A generous financial aid package made it possible for Ed Hauck ’75 to attend Bucknell and become the first member of his family to earn a college degree. He is grateful for the opportunities Bucknell made possible: an outstanding education, study abroad and wonderful lifelong friends.
Early on, he knew he would repay his debt of gratitude, beginning with yearly contributions to the Annual Fund. Then fifteen years ago, he established the Hauck Family Endowed Scholarship Fund using a downtown Lewisburg property that he rented to Bucknell students.
Ed then set up a charitable remainder trust, naming himself as trustee and stipulating that he and his wife receive income from it for life. As an individual, he donated the real estate to the trust, benefitting from a partial charitable deduction. Then, acting as trustee of the new trust, Ed was able to sell the property without incurring capital gain taxes since Bucknell would eventually receive the trust remainder.
Ed and Stefanie’s estate plan now provides that after the second of them dies, a six-figure charitable remainder trust will be established at each of their alma maters. Each trust will pay Stefanie’s sister 5 percent a year for life; after the sister’s death, the funds remaining in Ed’s trust will be added to the Hauck scholarship fund at Bucknell, and Stefanie’s will create a scholarship fund in her name at her college.
› Learn more about Gift Plans like Charitable Remainder Trust.