It's been nearly 60 years since Bert Storey earned a degree in civil engineering at Carolina, but he's definitely in tune with America's current need to produce more engineering graduates.
"We need more students trained in engineering to regain our strength in manufacturing and mining and to plan our country's infrastructure responsibly," said Storey, a real estate developer based in Augusta, Ga. "The College of Engineering and Computing wants to increase its enrollment from 1,600 to 2,000 students, and while they're doing everything they can to recruit in-state students, we're going to have to look beyond the state's borders to reach that enrollment goal."
That's why Storey has established a charitable lead trust that funds the Bert Storey Scholars Fund, a scholarship that will be used to attract top-notch non-resident students to the College of Engineering and Computing. Others are challenged to contribute to the fund and help build this vitally needed scholarship pool.
"This scholarship fund will help bring more engineering students in, and because South Carolina has such a great lifestyle quality, there's an excellent chance we'll retain them, and they'll help build the state's economy and improve the quality of life."
This isn't the first time Storey has demonstrated his support for the College of Engineering and Computing. With his latest gift, he has established a lasting legacy that will bring some of America's finest students to the university he cherishes.
A charitable lead trust pays income to Carolina for a specific length of time, then leaves the remainder of the trust to designated beneficiaries. The purpose is to reduce estate taxes while maintaining family control of the estate's assets, all while making a significant investment in charitable endeavors.
Download our FREE Personal Estate Planning KitDownload My Kit
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.