Willmar lawyer helps veterans with scholarship endowment
A former pilot in the Korean
War with an entrepreneurial go-getter attitude, Bill Bernard had the right stuff to build a successful, life-long law practice. The tools Bill obtained in law school, along with a good business sense, proved to be the right combination for a rewarding career. He received a two-year degree in pre-engineering and accounting. Then, faced with the choice of enrolling in school or being drafted, he joined the Navy and qualified for flight training school. In April 1950, he got his wings and went on to spend five years on active duty in the West Pacific and Korea. Following his service, Bill came to Minnesota to get his engineering degree. It was
around that time he was set up on a blind date with a College of St. Catherine coed. Something clicked with them. Bill and Catherine Bernard have been married for over 50 years. After earning his degree, Bill worked as an aeronautical engineer with Honeywell, Minneapolis, and Catherine worked as a nurse. Then, he decided to attend law school. Typical of many William Mitchell alumni, Bill continued to work during the day while attending classes at night. After graduating from William Mitchell in 1963, he and Catherine moved their family to Willmar, Minn. He practiced for a brief period with another attorney, then with support from Catherine, who was involved in the community and their church, Bill took the leap and opened his own practice above a flower shop in town. In the beginning, he worked some half-days in surrounding smaller towns. Over time, with perseverance and strong advocacy for his clients, Bill built up his practice. Together, Bill and Catherine raised their three children, of whom they are extremely proud. One daughter is an engineer with an MBA who owns her own company. Their other daughter is a successful lawyer who headed a legal department of a large Continued on Page 2
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A law degree is more versatile than any other degree.
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William Mitchell College of Law
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You can make a difference for William Mitchell
Our team of development
professionals can help you and your estate planning advisors develop a plan to satisfy both your family and philanthropic goals. Contact: Lisa Barton ’97 651-290-6357 lisa.barton@wmitchell.edu Marie Ruzek ’01 651-290-6412 marie.ruzek@wmitchell.edu A Gift in Your Will An easy way to turn your good intentions into action Sample Bequest Language I give William Mitchell College of Law, 875 Summit Avenue, St. Paul, MN 55105, (____% of the residue of my estate) or (the sum of $______), to be used wherever the needs and opportunities are greatest.
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was eligible for a charitable tax company with offices around deduction, and now a portion the world. Their son settled in of each annuity payment is Seattle and his daughter, Bill tax-free. And this spring, after and Catherine’s granddaughter, hearing about the great need recently graduated from nursing for scholarships and the college’s school—following in Catherine’s matching fund, Bill decided to footsteps. make an additional tax-deductible Versatility is a virtue the family gift, using funds from his IRA values, and something Bill to get the Bernard Scholarship understands well. “A law degree started this year. is more versatile than any other According to a student leader degree,” he said. “With a law of William Mitchell Veterans’ degree you can go to work for the Assistance Organization student government, go into business for group, there are nearly 50 yourself, work for someone else students who are veterans, on or a company, go into politics, or active duty, teach at a law school.” or have family Bill appreciates the Bernard hopes members who breadth of possibilities are veterans or available to an to give something on active duty. individual with a law making a degree, which is one back to the guys By scholarship gift of the reasons he chose to help William he admired and now, Bill will be able to interact Mitchell students worked with. with the students by establishing the he is helping— William N. Bernard giving them advice and seeing the Endowed Scholarship through difference his scholarship makes in his estate plans. Moreover, he their lives. hopes to help students who When asked what area of served in the Navy or have a law he practiced during his military background, deciding career, Bill confidently stated that a scholarship at William that he had a general practice Mitchell was the best way “to and did everything “from A-Z, give something back to the guys I adoptions to zoning.” William admire working with.” Mitchell helped Bill attain the In addition to including William skills necessary to become a top Mitchell as a beneficiary of their advocate for his clients, and with estate, Bill and Catherine were his impressive business sense, he looking for another source of put those skills to good use. Now, income during retirement. To he wants to make sure that other that end, Bill contracted with young people have the same William Mitchell for a charitable opportunities he did. gift annuity, which pays a fixed Commenting on Bill’s amount for life. When the annuity reputation, David Schneider ’95, a ends, the remaining funds will be lawyer in Willmar who has known added to their scholarship. (See Bill his whole life, described him details on charitable gift annuities as “a real lawyer’s lawyer—a very on Page 3.) honorable man.” We can think of At the time the gift annuity no higher compliment. was set up with the school, Bill
by Marie Ruzek ‘01
What is a charitable gift annuity? Not to be confused with a commercial annuity, which is an insurance product that pays a fixed amount to the annuitant for life with the remainder going to the insurance company, a charitable gift annuity is a type of gift made to a not-for-profit organization. A gift annuity is a simple, contractual agreement with William Mitchell College of Law in which you transfer assets to us in exchange for our promise to pay you and/ or another person an annual premium for life. The remainder is a gift to William Mitchell, which qualifies for a charitable income tax deduction. Why would I consider a charitable gift annuity? 1. You’ve thought of helping the law school and like the idea of getting a fixed annual payment. 2. You want to supplement your retirement income and could use a tax deduction now. 3. It promises fixed and attractive payments during retirement with no investment worries. 4. Rates from 4.4 to 8 percent or higher depending on age, deferral, and number of annuitants. 5. It’s working well for alumni like Bill Bernard ‘63 and Justice Douglas Amdahl ‘51. Reflecting on his pleasure with this gift arrangement in a 2005 interview, former Minnesota Supreme Court Chief Justice
Douglas Amdahl said, “We wanted to do something to support William Mitchell but also wanted to make sure we had enough income during retirement. The charitable gift annuity allowed us to accomplish our goals—we were able to make a substantial gift to the college and receive annuity payments for the rest of our lives. It’s a win-win for everyone.”
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We wanted to do something to support Mitchell but also wanted to make sure we had enough income during retirement. The charitable gift annuity allowed us to accomplish our goals.
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What about deferring my annuity payments? This works well for people nearing retirement in a higher tax bracket, where a large deduction now is welcome, but retirement income is not yet necessary. Generally, the older you are and the longer the deferral period, the higher the fixed annual rate of payments.
Professor James F. Hogg
What are members of the Heritage Society saying? “I can speak from personal experience about the role William Mitchell College of Law has played, is playing, and will play in our society both locally and further afield. Through its graduates, faculty, and staff, it fulfills a special role and purpose worthy of consideration by anyone contemplating making a charitable gift. I see the college’s need of financial support every day. My wife and I have taken steps in our own way to help in the future.” - Professor James F. Hogg Chair, Heritage Society Members of the Heritage Society have made an important contribution to securing a vibrant future for William Mitchell by including the law school in their estate plans via bequests, trusts, IRA beneficiary designations, charitable gift annuities, insurance, and other deferred gifts. For more information on the Heritage Society, please contact Marie Ruzek at 651-290-6412.
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William Mitchell College of Law
Charitable gift annuities offer reliable income
by Marie Ruzek ‘01
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