Bob Pentecost Uses Appreciated Real Estate to Create Charitable Remainder Trust That Will Benefit His Family and UTIA
Having spent almost his entire professional career as an administrator and educator at UTIA, Bob Pentecost (Herbert COA BS ’57, MS ’58, LAW ’72) has seen first-hand the impact that programs and educational opportunities can have on students and agriculture professionals. He has also seen the impact that charitable giving can have on these programs. Therefore, it is not surprising that Bob has continued this support many years after his 1993 retirement.
“I have been able to use appreciated real estate to fund a charitable remainder trust,” he shares. In doing so, he received an income-tax charitable deduction, avoided capital-gain tax, and his family members will receive an income from the trust for life. At the death of the last of the beneficiaries, the funds remaining in the trust will be distributed to UTIA to add to an endowment Bob created to benefit students and faculty in the Herbert College of Agriculture.
Bob’s gift will be added to the “Bob and Kay Pentecost Endowment for Teaching and Extension.” Named for Bob and his late wife Kay, the endowment will be used to provide salary support in Agricultural and Resource Economics to teach agricultural law and finance and to develop a statewide legal education program that can be administered through UT Extension. It will also be used to provide awards for faculty for teaching and research efforts in agricultural law, finance, and economics.
After working in administration for several years, Bob felt that his career would be enhanced by knowledge of the legal system. He enrolled at the UT College of Law and graduated in 1972. He continued in administration but also began teaching classes in Ag law.
“It is my belief that an education that encompasses both the scientific principles of agriculture and the business principles of law and finance will enhance the career development of students and agriculture professionals,” Bob says. “I want to be sure that education in those areas continues … and this investment benefits my family as well!”
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