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KSU Foundation

Vietnam P.O.W. survivor helps education take flight at K-State Salina

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Bill Talley has always loved flying. Through a deferred gift to the Department of Aviation at Kansas State University Salina, he and wife Louan will help ensure that love of flight is instilled in future generations.

The Talleys toured the Salina campus and airplane hangars, impressed with the teaching technology and friendly atmosphere. After researching investment options, they chose to establish the Talley Family K-State Salina Excellence Fund through a charitable gift annuity because of the tax deductions, exemptions and structured payments they would receive.

"This has financial benefits for the donor as well as for Kansas State University. That's why we did this," Bill said. "And we believe in education. It's the key to a better life, not just monetarily but in general."

The 80-year-old retired Air Force colonel speaks from experience. He chose to pursue his master's in business administration at a pivotal moment in his 27-year active duty career.

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In 1972, Talley's F-105 fighter plane was shot down over Vietnam while on a tactical reconnaissance mission. It was his 182nd flight mission and it would be his last. Talley spent 11 months as a prisoner of war and never gave up hope of rescue, due largely to the encouragement of his friend, Capt. Eugene "Red" McDaniel.

"He was a very inspirational person," Talley recalled. "He said, ‘One of these days we're going home, and when we go home, we will be able to appreciate the rest of our lives more and appreciate the things other people take for granted.'"

U.S. troops freed Talley in 1973 as America concluded its military involvement in Vietnam. He returned to his wife and two children, entered graduate school and took an administrative job until retiring from the Air Force in 1981.

Longtime Oklahoma residents, the Talleys now live near their daughter in Hutchinson, Kan. Their granddaughter, Cassidy Keim, is a senior studying microbiology at K-State and preparing for graduate school.

"We decided if we were going to be Kansas residents, we needed to support Kansas colleges," said Bill, who met his wife of 58 years on the campus of Oklahoma State University. "Since our daughter was going to K-State, we chose that one. We're happy that we did."

To learn more about how you can support Kansas State University while receiving a tax deduction and steady annual income, please visit our charitable gift annuities informational page.

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to the KSU 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 KSU Foundation, a nonprofit corporation currently located at Manhattan, KS, 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 K-State 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 K-State 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 K-State 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 K-State where you agree to make a gift to K-State 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

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