Gift Planning

Karg scholarship reflects his confidence in the Miami Experience

By Vince Frieden, Associate Director of Development Communications

Karg

When life threw David Karg ’65 a career curveball, he trusted in the lessons and experiences of his Miami University education and came back swinging.

Karg recently committed to repaying the preparation he received at Miami through a $250,000 bequest creating the David C. Karg Memorial Scholarship. The scholarship will be awarded to students based on financial need, and Karg hopes it provides recipients with an educational experience as valuable as his time at Miami.

“I have a lot of friends with kids in college and realize the financial challenges our young people face in getting an education,” Karg said. “That really motivated me to set up a need-based scholarship. I still believe Miami is a fabulous school, and I want young people to enjoy the same Miami Experience I enjoyed.”

As a prospective student, Karg visited Miami for practical reasons like in-state tuition and a respected business school, but his heart knew he had found a home as soon as he arrived on campus. He studied marketing during the school year and spent his summers working at a resort in New Hampshire, where he rose from bellhop to social director by the end of his three years.

Karg set out to follow in the footsteps of his father, who spent his career in industrial sales with Timken Roller Bearing, but the guidance and support of dedicated professors showed him that he had the ability to succeed regardless of the endeavor.

“The professors were so caring, and they wanted me to succeed,” Karg recalled. “At times, my confidence waned, and they instilled confidence in me, supported me and really made me at home. I never felt like one of 12,000 at Miami. It felt like a big family, and I left there knowing I could be successful at whatever I wanted to do.  

Karg started his career in industrial sales with Anchor Hocking and quickly climbed the ladder from sales administrator to sales branch manager. Along the way, he took a Dale Carnegie Course, began instructing courses himself and found his way into sales development training. By his early 30s, Karg had ascended to national accounts manager for the central region.

Then, the future caught up to his employer.

“We worked primarily in glass containers for the food industry, like mayonnaise jars and Coke bottles,” Karg said. “I had this great job, but the industry was over capacity and demand was plummeting. I should have gone into plastic.”

Out of the job and searching for answers, Karg decided to go into business himself and started a small mirror installation business. Through the contacts he made, he was introduced to manufacturer’s reps and found a natural fit for his sales skills, training experience and speaking talents. He spent the remainder of his successful career working as a manufacturer’s rep in the home furnishings industry.

“I was devastated when I lost that job, but one door closes and another opens,” Karg reflected. “That loss led to a new career which turned out to be much more rewarding. My professors at Miami taught me that if I applied myself and worked hard, I could accomplish my goals. I took that confidence with me, and it served me well.”

In deciding to support Miami through a charitable bequest, Karg learned about the endowment concept and was inspired to create something lasting.

“If you give your money to a charity, they use it and it’s gone,” Karg said. “There’s nothing wrong with that. Once I’d made the decision to leave money to charity, though, I really grasped onto the idea of an endowment, where my money would continue to grow and support students generation after generation.”

To learn more about how Miami’s Office of Gift Planning can assist you in estate planning, visit our Gift Planning pages.

A charitable bequest is one or two sentences in your will or living trust that leave to Miami 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, [name], of [city, state, ZIP], give, devise and bequeath to Miami University [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

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.

cannot be changed or cancelled

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 Miami or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

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 Miami as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Miami as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Miami where you agree to make a gift to Miami and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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