Drakes’ Charitable Trust Legacy Gift to Benefit Future Mercerians

Homer and Ruth Drake

Judge W. Homer Drake, CLAS ’54, LAW ’56, is nationally recognized as a highly distinguished judge, scholar, and teacher. He was a leader in the bankruptcy reform movement of the 1970s and was instrumental in obtaining the ultimate passage of the 1978 Bankruptcy Reform Act. He has served as a mentor to the numerous attorneys who have gone on to have distinguished careers in the field of bankruptcy, and he is the namesake of the W. Homer Drake, Jr. Georgia Bankruptcy Inn of Court.

A loyal Mercer alumnus, Judge Drake is a past president of the Mercer Law School alumni association, past chairman of the Law School Board of Visitors, and a life member of Mercer’s Board of Trustees. The University has recognized Judge Drake’s distinguished career and outstanding service with the presentation of several awards including the Monroe F. Swilley Award for Christian Statesmanship in 2002, the Mercer Law School Alumni Association’s Outstanding Alumnus Award in 2003, and the University’s Distinguished Alumnus Award in 2017.

Judge Drake and his late wife, Ruth B. Drake, CLAS ’59, have generously supported the Mercer Law School and Mercer athletics. After Mercer’s 2010 decision, by unanimous consent of the Board of Trustees, to resume competition in intercollegiate football while Judge Drake was chair of the Board of Trustees, the Drakes made a lead gift to help construct a new stadium complex. In recognition of their significant gift, the field house was named in their honor and dedicated during Homecoming 2012.

As Judge Drake and Ruth began planning for retirement, they also considered Mercer’s future. After working with Mercer’s Office of Planned Giving, the Drakes decided to use appreciated securities to establish a charitable remainder unitrust—a type of life-income gift that will provide Judge Drake with annual payments for the remainder of his life. Mercer will receive the remaining trust assets at the end of the trust term.

A charitable remainder trust, like the one established by the Drakes, offers several benefits, including the availability of an income-tax charitable deduction when the trust is funded. In addition, a charitable remainder unitrust is tax exempt, so it does not pay tax on capital gain realized when the trust sells assets. As a result, the full value of the assets given to the trust can be reinvested to provide an annual income to the trust’s beneficiaries.

Long-term confidence in Mercer was a key consideration for the Drakes when they established their charitable remainder unitrust. “Ruth and I have always had a deep and abiding love for Mercer. So following graduation we resolved to make a lifelong commitment to support and serve our alma mater, both financially and personally,” said Judge Drake. “It has been so gratifying and meaningful for us to do our part in helping move this great university forward in its continued growth and success.”

Judge Drake continues to be a vital part of the Mercer community both in the board room and in the Drake field house, which was named to honor the generous support of the Drake family. His contributions to Mercer, too numerous to name, include serving as a mentor and friend to Mercerians far and wide. Through his charitable remainder unitrust, Judge Drake will leave a lasting legacy that will benefit the University and its students well beyond his lifetime.