Large Bequest By Late Lowell Boomer to Dressage Foundation
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LINCOLN, Nebraska, Sept. 8, 2017–A bequest by the late Lowell Boomer, founder of The Dressage Foundation 28 years ago, has led to more than $328,000 being gifted to the organization.
In 2001, a decade before his death at the age of 100, Lowell created two Charitable Remainder Unitrusts, funded with his company stock and valued at $200,000 each. Through the Unitrusts, he avoided capital gains taxes, received a charitable tax deduction at that time, and also received lifetime income from the Unitrusts, while the assets grew tax-free inside the Unitrusts.
Payment of the annual income from the Unitrusts transferred to Lowell’s sons, John and Jim, and their spouses. With the recent deaths of Jim and his wife, Lois, the remaining assets in one of Lowell’s Unitrusts, totaling more than $328,000, has been gifted to The Dressage Foundation, the sole Charitable Remainderman.
When he established the Unitrusts, Lowell said: “Through the use of these two Charitable Remainder Unitrusts, I have been able to extend the value of assets built over my lifetime to provide income for me in my senior years, to provide income for my two sons and their families during their senior years, and then to help the equestrian sport in which my family and I have spent so many enriching, enjoyable years.”
“The Boomer family has given so much to our sport in so many ways,” said Maryal Barnett, Chair of TDF’s Board of Directors. “How can we ever thank them enough?”