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Solon and Marianna Patterson Create a Legacy for Business Education

Solon Patterson 57B 58MBA and Marianna Patterson 61C

Solon Patterson 57B 58MBA and Marianna Patterson 61C are supporting Goizueta Business School with charitable gift annuities.

Solon Patterson 57B 58MBA discovered his passion for investing at age 9, when he started reading stock reports to his father. After earning two business degrees from Emory, he took the helm of one of the nation's premier investment management firms. Now retired, he follows his own best advice: Be patient. Take the long view of investing.

He and his wife, Marianna Patterson 61C, have created several charitable gift annuities to support Goizueta Business School. A smart financial strategy, the Pattersons' charitable gift annuities provide income for life, create great tax benefits, and leave an important legacy for business education at Emory.

"It is our privilege to provide a legacy to Goizueta Business School based on what Emory has meant to us and our community and what it will mean in the future. Emory was a great academic experience. Many opportunities have come along for Marianna and me as a result of our Emory years," he said.

The couple has a long history of service and philanthropy in the Atlanta community. Solon helped build the investment firm of Montag & Caldwell to a remarkable level of success. Today he directs the Patterson Family Foundation and is a trustee of the Tull Charitable Foundation. Marianna helped found the Northwest Atlanta Parents Council. Both have been Emory alumni leaders and volunteer fundraisers. In 2003 they received the Emory Medal, the university's prestigious honor for alumni service and achievement.

Their charitable gift annuities are among many creative opportunities for donors who want to maximize their assets while supporting the schools and programs that mean the most to them at Emory. To learn more about giving strategies and benefits, contact Emory Office of Gift Planning at 404.727.8875 or giftplanning@emory.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to Emory University 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, [name], of [city, state, ZIP], give, devise and bequeath to Emory University [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 Emory 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Emory as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Emory 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 Emory where you agree to make a gift to Emory 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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