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Friels Establish Charitable Trust for Athletics

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Lois and Bill Freil

Start a conversation with Bill and Lois Friel, and they will say, "We're not academics." They will quickly follow that with "We love New Mexico State University." Their love for the Aggie athletics program began not long after they arrived in Las Cruces in 1963. They credit Lou Henson, former coach of the Aggie men's basketball team, and his wife Mary for the loyalty they have felt for more than four decades.

Bill's position with Mountain Bell Telephone Company first brought them to Las Cruces from Farmington. Bill retired in 1986 after 35 years, but they have had several other careers since then.

The Friels spent many years vacationing in their RV. They traveled throughout the West following Bill's retirement while he sold advertising for an RV magazine. They partnered with several others to buy an RV park in Washington state and have an RV parked on the premises to use during the summer when the desert heat gets too strong.

While they were living in Washington, Lois earned her nursing degree. She worked for several years at NMSU in both student and employee health centers. Not wanting to be "outsmarted" by his wife, Bill attended Olympic College in Bremerton, Wash., and earned a chef's degree. In 1992, they spent a year at a sport fishing camp in Alaska where Bill served as the cook and Lois served as nurse and hostess.

They always want to be in Las Cruces for the start of the women's volleyball season. "We love to watch them play," Lois says. You will also see the couple at football and basketball games. Coaches and athletic department staff members are frequently the beneficiaries of the Friels' cooking and baking skills.

The Friels have received so much enjoyment from their involvement with the NMSU athletics department that they decided to give something back. They established a charitable remainder trust with property they own south of Las Cruces. Scholarships to support student athletes will be established with the proceeds from their trust.

A charitable bequest is one or two sentences in your will or living trust that leave to the New Mexico State University 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 New Mexico State University Foundation, a nonprofit corporation currently located at P.O. Box 3590, Las Cruces, NM 88003, 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 the NMSU 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 NMSU's 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 NMSU 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 NMSU 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 NMSU Foundation where you agree to make a gift to the NMSU 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.
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