Skip to Content

The Importance of Planned Giving

galloway

Bob Galloway (center) is greeted at the Inn at Ole Miss by (from left) Suzette Matthews, development officer for the School of Law, Jennifer Parsons, assistant dean of the Sally McDonnell Barksdale Honors College, Debbie Bell, professor of law and interim dean of law, and Cham Trotter, president-elect of the Lamar Order.

By Bill Dabney

University of Mississippi alumnus Bob Galloway has designated the Sally McDonnell Barksdale Honors College and the Lamar Order as beneficiaries of his $1.6 million planned gift.

The Gulfport resident said he knows the importance of planned giving and wants to support the two University entities that helped shape his future. The Robert C. Galloway Endowment will be shared equally by the Honors College and Lamar Order and will be used to cover operating expenses.

A Carrier Scholar, Galloway was a member of the University Scholars Program as an undergraduate. The program eventually evolved into the Honors College of today.

"I've been very impressed with the things the Honors College has done, so I thought it would be a good recipient," Galloway said.

Douglass Sullivan-González, dean of the Sally McDonnell Barksdale Honors College, said gifts like Galloway's enable the Honors College to significantly expand its footprint.

"Private gifts open windows of opportunity for our students to engage our world as scholar and citizen," the dean said. "We must move beyond the traditional classroom and create teaching moments in a variety of places and languages as we answer together the fundamental questions of our time. Private gifts make these teaching moments come to life for our students.

"Galloway's gift in particular will help sustain student research and experiential learning that paves the way for our Honors College to set the debate on campus for both students and faculty."

A 1964 UM liberal arts graduate, Galloway completed his juris doctorate degree from the Ole Miss Law School in 1967.

"I have so many great friends I made at the law school and I've earned my living at practicing law since 1969. Also, I've been a longtime member of the Lamar Order and I know the school needs the money," Galloway said.

Interim Dean of Law Debbie Bell agreed: "The law school is deeply grateful to Bob Galloway for his generous support. We are at a time when private support is essential for the law school to maintain our existing programs and grow to meet the needs of 21st century lawyers. Bob's vision for the future will impact the lives of hundreds of law students and help to shape law practice in Mississippi in the future."

After law school, Galloway served in the U.S. Army for two years prior to beginning his career as an attorney on the Mississippi Gulf Coast. Having graduated a lieutenant after participating in the Ole Miss ROTC program, Galloway attended officer basic training in Fort Gordon, Georgia, and then Army Security Agency School at Fort Devens, Massachusetts. From there, he served as a military intelligence officer with the First Infantry Division in Vietnam for a year before being stationed in Virginia.

Having completed his required two-year commitment to the Army, Galloway returned home to Gulfport, where he began practicing law in his father's firm.

"He was a senior partner in a firm called Eaton, Cottrell, Galloway & Lang, which grew and then split up and our part of the old firm became Butler Snow's first satellite office with the main office being in Jackson," Galloway said. "We had about 80 lawyers then and now there are about 335 with 17 offices in nine states, Hong Kong, London and Singapore."

Galloway said he hopes his gift to the university will be used to maintain the quality of the institutions he loves.

"We have an outstanding law school there and I think the Honors College is becoming one of the real jewels of liberal arts education," he said. "I would hope that it would continue to be that and be all it can be. I believe it can be as good a school as any in the South."

Galloway's planned gift gives him membership in the 1848 Society, named for the year the university opened the Lyceum doors to its first students. The society recognizes generous donors who thoughtfully provide for the university through planned and deferred gifts.

"I want to extend my heartfelt thanks to Bob Galloway for his powerful gift," Sullivan-González said. "He will change lives of both students and professors for generations to come."

For more information about including the university in a will or other estate plans, contact Sandra Guest at 662-915-5208 or visit www.umfoundation.com/planning.

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to the University of Mississippi 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

Bequest Language

"I, [name], of [city, state, ZIP], give, devise and bequeath to the University of Mississippi Foundation [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 Ole Miss 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 its 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Ole Miss as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Ole Miss 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 Ole Miss where you agree to make a gift to Ole Miss 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.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.