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  • Bill and Rita Loventhal: A Leap of Faith That Paid Off

Supporters Phil and Jeanne Oneacre Commit $1 Million to Georgia State

Phil and Jeanne OneacreThe Phil and Jeanne Oneacre family has committed a $1 million planned gift to Georgia State University to support the Honors College, the Department of Athletics and J. Mack Robinson College of Business.

Phil and Jeanne Oneacre are longtime supporters of Panther athletics. The gift will be used to support athletic scholarships as well as provide scholarships in the Honors College and J. Mack Robinson College of Business.

"Jeanne and I started thinking five or six years ago about what to do with our estate," Phil Oneacre said. "Our families really did not need money, so the question was, ‘What could we do that would have an impact?'

For my portion, I immediately zeroed in on my undergrad school and Georgia State University, but splitting it up too much could lessen its impact. So, I selected GSU as it has been an important part of my life for 30 years. Endowed scholarships met our desires for a lasting gift to assist students working toward their college degrees."

Previously, the couple endowed a scholarship for men's basketball to help build a championship program.

"Phil and Jeanne are an important part of the Panther family because they are dedicated not only to the success of the athletic department, but to students across the Georgia State campus," Director of Athletics Charles Cobb said. "They are providing opportunities for students and giving them a chance to succeed at the highest level. We are greatly appreciative of their generosity."

Phil Oneacre has followed the men's basketball team closely since 2001. He has been a season ticket holder since that successful season, and has gone with his wife to the conference tournament at the end of each season since 2006. The Oneacres have been season ticket holders for football since the inaugural season of 2010.

Oneacre began his association with the university in the mid-1980s when he was a graduate student. He earned his master's degree from Georgia State in 1987 from the Robinson College of Business, something he has called his "most memorable GSU moment." After graduation he started his own company, Comprehensive Business Solutions Group.

The support shown by the Oneacres adds to the recent success of the Panther Athletic Club, whose membership has grown more than 40 percent in 2014. Since fall 2013, the Panther Athletic Club has received several major gifts, including a $1 million commitment from Angela and Alan Giles, an anonymous gift of $500,000, a $350,000 pledge from Frank and Judy Strickland, and several supporters' gifts combining to exceed $100,000 for the Basketball Excellence Fund.

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A charitable bequest is one or two sentences in your will or living trust that leave to Georgia State 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 give to Georgia State University, a nonprofit corporation currently located at P.O. Box 3965 Atlanta, GA 30302-3965, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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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.

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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 Foundation or other charities. You cannot direct the gifts.

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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 the Foundation as a lump sum.

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