Your Property: Your Mines Legacy by wearemines

YOUR PROPERTY:

YOUR MINES LEGACY

Gifts of real estate are a win-win It’s no surprise that at Colorado School of Mines, when we find a “hidden gem” of an opportunity, we get excited about it. What may surprise you is that a gift of real estate to Mines is one of those opportunities for donors like you. It can allow you to easily make a big impact for the university now, in the future, or both, while also providing you with potential financial and tax benefits.

What works best for you? A gift of real estate can be accomplished in a variety of ways and allows you to support the areas at Mines that you are most passionate about. For example, if you let Mines take care of the burden of selling a property for you, you avoid the hassles that can accompany these transactions and, at the same time, possibly qualify you for a federal income tax charitable deduction. •C onsider an outright gift if you have real estate you no longer want to manage but are concerned about the capital gains cost of selling the property. •C onsider a retained life estate gift if you want to continue living in your current home, continue using your vacation home or continue working a farm or ranch, but also want to make a significant gift in the future. •C onsider a gift in your will if you want to use your property during your lifetime while also creating a lasting legacy with a gift through your estate. • Consider a charitable remainder trust if you would like to receive income once the property is sold. No matter what type of real estate gift you make, it can provide you and your family with significant financial benefits, which may include: • A sizeable income tax deduction based on the appraised value of the property • Full or partial avoidance of capital gains taxes on the property’s appreciation • Reduction of estate taxes • Additional income for a set term of years or for life

Outright gifts Outright gifts of property you have owned for more than a year are a straightforward way to make an immediate impact at Mines. This type of real estate gift: • Frees you from the costs and responsibilities of ownership •P rovides for an immediate income tax deduction for the property’s fair market value •D oes not require you to pay capital gains tax, resulting in a double tax benefit • Allows you to give to a Mines area of your choosing

A ski condo transforms into world-changing research dollars One recent donor, an alumnus with two Mines degrees, knew that research at Mines is innovative, effective, and renowned across industry. He and his wife wanted to support this critical area of Mines, especially because of their passion for clean energy advancements. He and his wife donated a valuable Colorado ski condo, which the Mines Foundation sold, and used the proceeds of the sale to support research into clean energy and innovations in fuel cell technology.

Gift through your will When you gift property to Mines through your will, you maximize the impact of your assets by reducing estate taxes. This kind of gift is also a straightforward transaction that reduces the often complicated processes of estate administration. In addition, a real estate gift through your will: • Does not involve advisors, so it costs you nothing to do • Is a flexible option; you can make changes at any time • Allows you to continue to enjoy your property for your entire lifetime • Allows you to give to a Mines area of your choosing

A real estate gift that took paying it forward to the next level For some students, a Mines education is only possible with the help of scholarships established by generous donors, many of whom were once in the same position. William F. Guenther, Jr. ’42 was one of those donors. His family suffered through the Great Depression of the 1930s and Guenther could only afford to go to Mines on a scholarship. His hard work and Mines education led to a long and prosperous career in mining, inspiring Guenther to give back to the university. Using several giving methods, he created the William F. Guenther, Jr. Endowed Scholarship Fund. Guenther’s last gift was made by signing over the deed of his Lake Havasu City house to Mines, and this final gift proved to be his most impactful. The sale of his house added more than $270,000 to the scholarship fund, ensuring that Mines students for years to come will benefit from Guenther’s generosity while cementing his legacy of paying it forward at the university. 6

Beneficiary deeds for real estate Most states allow owners to gift property directly to the Mines Foundation through a beneficiary deed that allows for the transfer of real property, avoiding the process of probate. A beneficiary deed: •M akes it possible for you to change your mind at any time. Beneficiary deeds are simple and inexpensive to file. • Gives you the ability to retain all rights of ownership for the property for the rest of your life • Allows you to give to Mines in an area of your choosing

A Mines trailblazer finds an unexpected way to leave a legacy Pam Tittes ’72, MS ’77 knows a thing or two about uncharted territory. She was one of 12 women in her freshman class and one of only five who graduated. She was the first woman to get a degree in metallurgy at Mines. And she created a cheerleading team comprised of all Mines female students, something that hadn’t been done before. Her education and unique college experiences put her on the path to a successful career in the copper mining industry. Tittes wanted to give back to Mines and ultimately decided on a convenient, if little-known, option by gifting Mines the home that she owns in Arizona through a beneficiary deed. With the help of a paralegal and a standard document, Tittes was able to make this generous gift with very little hassle. Upon Tittes’ death, the house’s deed will transfer directly to Mines without being held up by her estate. The impact of her gift will be felt long after Tittes’ lifetime, and the funds will go to support mineral processing education, a subject near to her heart.

Retained life estate gifts A gift of real estate to Mines doesn’t mean you have to leave the home or property you love. In fact, if you would like to continue to live on or utilize your property, a retained life estate may make sense. The process is simple: you sign over the deed for a personal residence or farm to Mines now but retain the right to stay in the home. This type of thoughtful gift can help to ensure the university’s excellence for generations to come. In addition, a retained life estate gift: •E nables an immediate income tax deduction that can cut your taxes for up to six years with no change or impact to your way of life •M eans you can live in your home for however long you choose, up to and including the rest of your life • Allows you to give to a Mines area of your choosing

Home is where the Oredigger is: real estate gift adds to legacy of a beloved donor Al Ireson ’48 was a fixture around campus for decades, beloved by students, faculty and staff. Even decades after he graduated, one of Ireson’s favorite things to do was get to know current Mines students. He was known around Mines as the university’s longest consecutive annual donor and a champion of Oredigger athletics. Filled with Mines memorabilia, Ireson’s house in Mines’ own hometown of Golden, Colo, was very important to him. He wanted to leave a legacy and make a lasting impact at Mines, but he did not want to sell his treasured home outright. So Ireson created a life estate gift with his home in 2001. When Ireson passed away years later, nearly half a million dollars from the sale of his house supported the Alfred T. Ireson and Family Endowed Scholarship Fund. Providing scholarship funding meant so much to Ireson, who would take his scholarship recipients out to lunch and present each first-year Ireson scholar with a silver medallion. Increasing scholarship funding through his retained life estate gift was a perfect way for Ireson to add to his legacy and support the Mines students he cherished. 10

Charitable remainder trusts When you donate property to a charitable remainder trust, Mines sells the property for you, and you (and/or a loved one) receive income from that trust each year for a set number of years or for life. At your death, Mines receives the balance (remainder) in the trust. This giving strategy allows:

• The elimination of up-front capital gains tax

Mines makes an impression, a community member makes an impact

• You to receive income tax deductions

Mines always strives to

•Y ou to pursue your philanthropic goals at Mines while also helping provide for your current living expenses

make a positive impact, not just on our campus, but in our local community and beyond. John Iwakiri, a resident of nearby Lakewood, Colo., was one community member who saw the value of Mines as an institution and the remarkable people who are a part of it. Though not an alumnus, faculty member, or parent, Iwakiri was always impressed by the high quality of a Mines education. He also enjoyed his interactions with students and others he would meet from the university. When Iwakiri made his estate plans, he decided to donate his property via a beneficiary deed and chose Mines as the recipient of this generous gift. By gifting his property in this way, Iwakiri made the transfer upon his passing an easier process by allowing Mines to bypass a lengthy probate; his house could be sold and the proceeds used to make a difference at Mines sooner than it would have otherwise.

Now is the perfect time to make a real estate gift to Mines As Mines approaches its 150th anniversary, we have been celebrating our storied past, exciting present and the future possibilities that our continued growth as a university will provide. Your gift of real estate today, during our ambitious Campaign for MINES@150, will help advance the university and your areas of interest for years to come. It creates a lasting legacy that often helps your own financial picture, too. Many people do not realize the flexibility and power real estate gifts have to make an impact now and in the future. Now that you’ve discovered this philanthropic “hidden gem,” we hope you will consider a real estate gift in the format that works best for you.

We're here to help The Mines Foundation has the expertise to assist donors and advisors throughout the giving process. We understand that gifts of this magnitude can be an important part of your overall financial and estate plans and we are committed to ensuring that making your real estate gift to Mines is a smooth and easy experience that best meets your needs and goals. Contact us today for more information or to get started on setting up your real estate gift. plannedgiving.mines.edu | 303.273.3275 | giftplanning@mines.edu

Colorado School of Mines Foundation | plannedgiving.mines.edu | 303.273.3275