Messenger - Vol. 3, No. 1, Page 18 Fall 1993 Charitable remainder trust continues long-time U.D. connection Milman E. (Dick) Prettyman Jr., Delaware '50, and his wife, Gloria, are long-time, loyal supporters of the University and its athletic programs. Through a charitable remainder trust, the Prettymans have found a way to provide long-term support for the University and provide for their own retirement as well. The Prettymans believe the trust is a way for people who are not necessarily tremendously wealthy to help the University and to make a much more substantial gift than they may ever have thought possible. It made sense to Dick and Gloria, when planning for their retirement income needs, to consider working with the University that had helped in Dick's education and development. The Prettymans held stock that had increased dramatically in value but was not generating a satisfactory income for their retirement years. Selling the stock to reinvest in higher income-generating assets would have meant paying up to 28 percent in capital gains tax. Instead, the Prettymans were able to fund their charitable remainder trust with some of the stock, avoid the taxes and benefit from a substantial income tax deduction in the year their trust was established. The trust was able to sell the stock without the capital gains tax and reinvest in other assets designed to generate a higher income for the Prettymans during their lifetimes. The Prettymans were able to meet the $100,000 generally required by the University for a charitable remainder trust with assets representing a relatively small cash investment made many years earlier. Dick and Gloria feel this approach allows them to give something to the University, gain an income stream for their lifetimes and have the advantage of the University's expertise in managing the trust. Because the gift will become part of the University's endowment, the Prettymans will continue their relationship with the University years after they are gone. The Prettymans have designated that the funds ultimately remaining in the trust be used by the University for maintenance of the Bob Carpenter Sports/Convocation Center. Dick's father, Milman E. Prettyman Sr., Delaware '26, attended the University on an athletic scholarship and his daughter, Michelle, Delaware '81, was a member of the University's swim team. As long-standing residents of Newark, the Prettymans have watched the University grow and the campus expand. "It's been a pleasure to have been here and to have been involved in this evolution," Prettyman says. "We are proud of the University of Delaware. Its contributions to our community have enabled us to enjoy many friendships and allegiances over the years. We hope this donation shows in some way our appreciation for all that has been given to us. By sharing this information, maybe others will find it mutually beneficial to consider a charitable remainder trust with the University."