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Instructor Designates Southern Miss as Beneficiary of Bequest

RhinehartKenneth F. Rhinehart, threetime University of Southern Mississippi alumnus and instructor, recently designated the University as the beneficiary of a bequest to support faculty through an endowed chair position.

Growing up in Waynesboro, Miss., a geologically interesting location due to the unique limestone strata that runs through the area, Rhinehart became interested in geology at a young age. His environmentally rich childhood setting prompted his passion for geology and led to his pursuit of higher education in the field.

The son of a proud Southern Miss alumna, the late Wilodyne Muckelrath Rhinehart ‘45, Rhinehart earned his Bachelor of Science in psychology and geology, as well as a Master of Science in geology, from The University of Southern Mississippi.

"Mother always encouraged me to support the University, and much of my life was spent with Southern Miss. I want to return the favor to the school for helping me develop my knowledge and character," Rhinehart said.

Following completion of his master's degree, Rhinehart began teaching environmental science courses at Southern Miss, where he continued throughout the 1990s.

Since 1991, Rhinehart has taught over 20,000 students and continues to enjoy a meaningful career as an educator. He is currently a full-time environmental sciences instructor in the Center for Science and Mathematics Education and manages a family business in land and timber, which gives him the opportunity to practice what he teaches about sustainable forestry.

In 2011, Rhinehart, along with his students, initiated work to designate Southern Miss as a Tree Campus USA recognized by the Arbor Day Foundation. This project recognizes the University's commitment to environmental stewardship and exemplifies the impact K Rhinehart is making beyond the lives of just his students.

"Mississippi is a gifted state, but those gifts are often squandered and undervalued. Our forests, and products manufactured from our forests, are subjects I will always promote and educate others about," Rhinehart said. "I want to contribute to Southern Miss being a leader in the community to promote our local resources through connecting our research and education with the public."

Through this planned gift, Rhinehart's investment in Southern Miss will continue his mission to promote Mississippi's resources by providing an endowed faculty chair position in the Department of Chemistry.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Southern Mississippi Foundation 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 give to The University of Southern Mississippi Foundation, a nonprofit corporation currently located at 118 College Drive #5210, Hattiesburg, MS 39406-0001, or its successor thereto, ______________ [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 the USM Foundation 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 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 the USM Foundation 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 the USM Foundation 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 the USM Foundation where you agree to make a gift to the USM Foundation 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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