Wildcat fan uses appreciated assets to make a gift for UK student athletes

I was inspired to give while Im living. This way, I get to experience the joy of giving.  Hugh Hickok“It would be hard to find a more enthusiastic Big Blue fan than Hugh Hickok,” observes Ford Stanley ’91, UK Director of Gift and Estate Planning. “His passion for Wildcat basketball stretches all the way back to the early 1960s when he first heard Cawood Ledford, UK’s longtime play–by–play announcer, broadcasting a Kentucky game on a Louisville radio station.

“It’s remarkable that Hugh became such an avid Wildcat supporter,” Ford continues, “because he has lived most of his life in northern Michigan, and never attended the University of Kentucky.”

Over the years, Hugh was known to have three different radios in his house, tuned to three different stations, so that he could listen to Kentucky games. He kept score cards and statistics for all the games, and recalls the names of players and the details of many exciting games all the way from Rupp’s Runts of the 1960s to the 2012–13 season and the UK Florida game which he attended on campus in March.

Hugh had a special appreciation for Cawood Ledford’s style and professionalism. He met Cawood not long before his death.

When Hugh began to plan how he would distribute his assets accumulated over a lifetime, he decided to make a special gift to a scholarship fund named for Cawood Ledford. The fund assists student athletes in completing their college degrees.

“I wanted to do something for Cawood,” Hugh confides. “He and his broadcasts meant a lot to me.”

Hugh worked with Ford Stanley to establish a charitable gift annuity. Hugh funded the planned gift with appreciated stock and bypassed capital gains tax when the gift annuity was created. He also obtained a charitable income tax deduction and will receive a guaranteed lifetime income with a portion of it tax free. The residual of the charitable gift annuity will be added to the scholarship fund memorializing Cawood Ledford.

“I was inspired to give while I’m living,” Hugh explains, “rather than through my estate plan. This way, I get to experience the joy of giving.”

“It was a pleasure to work with Hugh to fulfill his philanthropic goal, and to obtain maximum tax savings and an income stream for him,” Ford notes. “Student athletes at the University of Kentucky will benefit from his generosity for generations to come.”