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Time creates a greater gift

In 1977, Duluth native Leverne Sax established a charitable remainder trust with a gift of $319,000 and named the U of M Foundation as beneficiary. She made the gift to honor the memory of her late husband, Dr. Milton H. Sax.

During her life, Leverne received an annual income from the trust, which earned interest and would eventually be passed on to the Foundation to create merit-based endowed scholarships for undergraduate pre-medical students at UMD.

Leverne and Milton H. Sax, who was a 1931 U of M graduate, were longtime Duluth residents with a strong commitment to higher education. Through his estate, Milton Sax left almost $1 million for the benefit of the U of M Duluth’s Tweed Museum, where there now exists the Sax Gallery.

They expressed that they hoped their gifts would provide a "margin of excellence" at the University of Minnesota Duluth. With the passage of time, they certainly have done just that. After Leverne died in October, 2005, the total distribution to UMD from her charitable trust had grown to a total of $1.2 million.

Read more about chartiable remainder trusts.

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