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A Legacy of Appreciation

Jack McCarter and Robert Peterson

Jack McCarter, left, and Gift Planning Director Robert Peterson visiting in Port Angeles, Washington.

1888 Society member Palmer "Jack" McCarter wants to tell stories about family when he talks about his legacy. He describes the achievements of his daughters and son, and the adventures that he had with his wife throughout the years. After Jack served in the horse cavalry and Army Air Corps in World War II, one adventure he shared with his wife was coming back to school at New Mexico State University as older students.

"She was smart," says Jack of his wife, Elizabeth "Evelyn" McCarter. He remembers how they met, as he sat behind her in high school in Roswell, New Mexico. After sneaking a small garden snake into class, Jack used the distraction to talk to her. It was an icebreaker that allowed Jack and Evelyn to share decades together, eventually owning ranches and breeding cattle.

They earned degrees at NMSU-for Jack it was a BA in '68 and an MA in '70, both in ag econ, and for Evelyn, it was a BA in '69 in general business. Jack said both he and his wife felt a "warm closeness" for NMSU, developing relationships with faculty across campus. Jack held Professor Carruthers-now Chancellor Carruthers-in high esteem.

When Jack was a grad student, Dean Philip Leyendecker tapped him to start a new program in the NMSU Agricultural Extension Service. Under a Bureau of Indian Affairs grant, he took the cattle breeding program to Native American homelands throughout the state.

"NMSU was fundamental to our lives, and we wanted to show our appreciation," says Jack, now living in Port Angeles, Washington. Evelyn passed away in 2012.

Their appreciation came in the form of two McCarter Endowed Family Funds, one in the College of Agricultural Consumer and Environmental Sciences and the other in the College of Business. These were established in 2004 and provide support for faculty and graduate student research. Jack's estate gift will also grow the principal of these two permanently endowed funds to support even more Aggie students in the years to come.

Create Your NMSU Legacy

Contact Steven Covington at (575) 646-3190 or (800) 342-6678 or plannedgiving@nmsufoundation.org to discover the many ways that you can follow in Jack and Evelyn's footsteps with a meaningful gift that speaks to your NMSU passion.

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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