Leave It All to the Kids

Photo of Russ CLA’50 and Barbara (MacDuffee) CLA’49 TrippHave you ever thought, “I would leave something for Willamette if not for my children?” Believe it or not, there actually is a very satisfying way to leave your assets to your children and ultimately make an impact at Willamette after your children are gone. Russ CLA’50 and Barbara (MacDuffee) CLA’49 Tripp took advantage of this opportunity. Russ, Barbara, and their three daughters—Alison, Heather, and Wendy—all are extremely pleased by what they accomplished.

Russ and Barbara love Willamette. In addition to the friendships they made with many classmates, Russ and Barbara cherish their memories of professors Martin and Schultze and Dean Gregg. The Tripps developed particularly close ties to professors Robert Gatke and to Mark Hatfield, who was an usher at Russ and Barbara’s wedding. “Willamette professors made you want to keep coming back to class,” says Barbara. All three of the Tripp daughters hold Willamette in high regard, even though Wendy (CLA’78) is the only Willamette alumna.

Russ and Barbara created a charitable trust for their daughters and funded the trust with a portion of the stocks they had acquired over many years. The trust is providing monthly income to their daughters for as long as any of their daughters is alive. Willamette’s investment professionals are managing the trust to provide the Tripp daughters with inflation-resistant and tax-advantaged income throughout their lives. Although Barbara and Russ intend to leave more money to their daughters through their wills, their charitable trust is particularly satisfying because they know the trust will provide for their daughters through thick and thin. Neither their daughters nor potential creditors can deplete the trust in any way.

After all three daughters have lived their lives, the balance left in the trust will be used by Willamette to endow a fund in the Tripp family name to provide perpetual support for the teaching of traditional western civilization. For Barbara and Russ, being able to help Willamette and their kids with one stroke of their pen is extremely satisfying.

The Tripps’ accountant is also pleased with the trust. Income-tax deductions from trust contributions dramatically reduce the Tripp’s tax liability now, and they avoid capital-gain tax on the appreciated stock they transfer to the trust. The trust also has simplified the future administration of the Tripps’ estates. “Very pleased” sums up the feelings of all five members of the Tripp family.

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