Hard work and attention to detail took William C. Marks from rags to riches, and that included creating an estate plan that shared his good fortune with his family and area residents.
William C. “Bill” Marks may have started his life as a boy on a farm, but when he died, his credentials included managing partners of Wilson County Rock Products, Inc., a number of development and rental properties, a principal shareholder in Wilson County Concrete Co., and an investor in several other businesses. According to an article in The Lebanon (TN) Democrat, “Marks’ estate endows $1 million to four community groups,” he was also keenly aware of how his legacy could impact his community.
“Bill once told me that he got his start digging potatoes in Grant and hauling them to town to sell,” said local attorney and former state Senator Bob Rochelle. “He was a smart, hardworking businessman who was very involved in the commercial, political and community aspects of Wilson County.”
Mr. Marks began work on an extensive estate plan in 1997. That plan included the creation of a trust designed to benefit his family for 20 years. Following that, the trust would then be distributed to four charitable institutions, which Marks thought were most beneficial to the community during his lifetime.
Marks was savvy enough to designate trustees to manage the trust assets.
In early May, the trustees, Mike Flanagan and Rochelle and Randall Clemons disbursed the trust funds to Cumberland University, Friendship Christian School, the Lebanon-Wilson County Library and College Hills Church of Christ.
“Bill was a wise man who wanted to give back to his community,” Clemons said. “It has been an honor to help carry out his intent.”
The distributions, which totaled $1 million, were given without restrictions. This allows each of the organizations to use the funds as they see fit, which underscores Mr. Mark’s confidence in their ability to make good use of the funds.
Reference: Lebanon (TN) Democrat (May 6, 2017) “Marks’ estate endows $1 million to four community groups”
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