Frequently, WaterStone is privileged to accept assets and process gifts that other charities cannot. Such was the case with David and Rebekah White, WaterStone givers with a heart for “Legacy. Redefined.â€ The Whites wanted to bless their alma mater with a showcase facility that would benefit students for years to come. 

The Whites desired to fund the multi-million-dollar project using their ownership interest in a Master Limited Partnership (MLP). However, the MLP units could not be liquidated immediately due to extenuating circumstances. Unfortunately, the university was unable to hold this type of security due to the university’s investment policy restrictions. 

WaterStone was able to help the Whites and their alma mater by converting their asset into living water in a way that addressed the uniqueness of the gifting circumstances. WaterStone agreed to receive the donation of MLP units and hold the securities for a season. Over time, the units will be liquidated and distributions will be made at the White’s advice to their favorite charities including the university. 

This was a win-win for everyone. 
• The university is delighted to receive the gift in 12 equal installments. 

• The Whites were able to delay a percentage of their gift into the next tax year, thus extending the life of their income tax excess contribution carry-forward. 

• Looking ahead, other charitable interests of the Whites will benefit from their generous MLP gift transformed through WaterStone. 

Although the transaction was an opportunity for learning, it is the special relationship that WaterStone has with the White family that made the learning a pleasure and released the living water of the White’s legacy.

Jeff Gott, Legacy Partner
