Hon. and Mrs. Gerald Rone, JD '55
"I have a million dreams because Ohio Northern gave me a great education."
The Honorable Gerald Rone retired after serving as Auglaize County Ohio Common Pleas Court Judge with lots of dreams. One of those dreams is to support Ohio Northern's Pettit College of Law so others can benefit from the same exceptional education that meant so much to him. With careful planning that dream, is coming true.
Over 35 years ago, Judge Rone and his wife Pat purchased a farm. It has appreciated significantly, and if they sold it today, they would have to pay substantial capital-gains taxes. Instead their farm will benefit Ohio Northern University, plus their children and grandchildren.
This is possible through a charitable remainder unitrust with Ohio Northern and the Wealth Replacement Life Insurance Policy.
The charitable remainder unitrust, (CRT), is a highly flexible charitable-giving vehicle. It provides current income for the donors and irrevocably transfers the remainder interest of the asset to Ohio Northern upon the deaths of the named beneficiaries or at the end of a specified number of years. Highly appreciated assets contributed to these trusts can be sold without taxation of capital gain, thus creating an amount of funds for future investment and growth.
Additionally, the donor receives an income-tax charitable deduction in the year the trust is established. The Rones elected to use this tax deduction and some of the income received from the trust to purchase a Wealth Replacement Life Insurance Policy. This policy has a death benefit equal to the value of the assets transferred to the CRT, so the Rones' heirs will also benefit from Judge and Mrs. Rone's years of hard work.
Using the CRT, the Rones have made a significant contribution to Ohio Northern while their beneficiaries will receive the same value of this tax-wise gift from the wealth-replacement life insurance policy.