Miriam Nunn is an arrhythmia device engineer based in Atlanta, Georgia, with experience in the financial and medical fields. Like her family, and especially her grandfather Dr. Dwight H. Smith, Miriam Nunn is deeply involved in charitable organizations and trusts. She is a board member and trustee of The Kingsley Family Charitable Remainder Unitrust, as well as The Kingsley DuBose and Sam Nunn Trust.
The Kingsley DuBose and Sam Nunn Trust was created to give back to the state of South Carolina. It is funded by a family corporation, formerly known as Land and Investments, Inc originally founded by Dr. Dwight H. Smith with active roles by Johnny “Mac” Walters and Dave Merline Senior. Johnny “Mac” Walters was best known for his courage during the Watergate crisis, but was most fond of his time spent spearheading the IRS. When Mr. Walters came back to Greenville to practice law, he advised Dr. Dwight H. Smith, his dear old friend from Furman, in establishing L and I, Inc. Dr. Dwight funded the family corporation in hopes of leaving his children and grandchildren a legacy, but without Johnny “Mac” Walters and a Greenville legal legend Dave Merlin Sr., nothing would have ever come to fruition.
Because of the diligence of these three men, L and I Inc. became a haven for a tremendous amount of privately held property. L and I’s vast resources became the funding arm for The Kingsley DuBose and Sam Nunn Trust as well as two other trusts, The Kingsley Family Charitable Remainder Trust and the Miriam W. Nunn and John Waddell Unitrust. These three entities comprise a family of trusts that are dedicating resources and assets to the betterment of the Upstate of South Carolina, Clemson athletics, Furman University and The Medical University of SC. Board members include family members as well as pioneers in the development and growth of community liaisons that foster proactive and positive development of local property as well as charitable giving.
A charitable remainder trust (CRT) is an irrevocable trust that people can name as the beneficiary of their retirement plan or IRA to reduce the individual’s taxable income. The CRT disperses the income to trust beneficiaries for a determined period, and after that time, donates the remainder to a previously chosen charity. With the CRT, the trustor can be eligible for a tax deduction while making a considerable donation.
There are two main types of CRTs available, charitable remainder annuity trusts (CRATs) and charitable remainder unitrusts (CRUTs). With the CRATs, each year, a fixed annuity is distributed, and additional contributions are not allowed. The CRUTs annually distribute a fixed percentage based on the balance of the assets, allowing for additional contributions.
Both CRTs create several advantages for the trustor, one of which is the preservation of the value of highly appreciated assets, such as a non-income-producing property. This way, the asset can be contributed to the trust, which can sell it exempt from tax. Another benefit of funding a CRT is the potential to receive a partial income tax charitable deduction.
