Build Your Philanthropic Legacy
Education may be the most valuable gift we receive in our youth, and many of us want to help pass that opportunity to succeeding generations. The legacy of your philanthropy can acknowledge the gift that you received when you were younger and touch the minds of future students as they prepare to make the world a better place.
As you approach retirement, you review a lifetime of work and philanthropy and you look ahead to how those legacies will impact the future. What do you want to accomplish next? Your philanthropy can help you achieve your goals. You’re also concerned about shepherding your assets through retirement. Including Clarkson in your plan can help you achieve your financial, estate planning, personal and philanthropic goals.
For example, Peter ’68 and Beth Hallock created a deferred charitable gift annuity with Clarkson. As they both transition into retirement, they funded the annuity to take advantage of the income tax deductions. The annuity will grow tax-free before it begins making payments to Peter and Beth. Payments will continue for the rest of their lives, and someday the remainder in the annuity will create the Hallock Endowment for Civil and Environmental Engineering.
Here are ways you, too, can build your philanthropic legacy:
Where the need is greatest – Is it time to increase your annual Roundtable gifts to The Clarkson Fund? Your generous support each year helps students right now, and you can make your tax-deductible gift online. Take the Reh Challenge with a four-year pledge.
It’s a “no-brainer” – You can double or even triple the amount and impact of your gift if your employer offers a matching gift program (many companies match retiree gifts as well). It’s a simple process that can make a big difference.
Do you have the time? – You may have more time to volunteer these days. Clarkson needs your help to attract students, provide internships, hire graduates, generate gifts to The Clarkson Fund and manage alumni chapters and events.
Start that endowment – You can create an endowed fund in honor of the family name to support anything from student scholarships to professorships. And you can build your endowment with tax-deductible gifts over time.
Make a difference, now – Your tax-deductible gift can help Clarkson solve a problem right now. There are always projects to be done, athletic facility upgrades, classroom renovations, laboratory equipment upgrades. Your gift, even pledged over several years, can make a big difference for students today.
Plan retirement income with a gift – Create a charitable remainder trust and make tax-deductible gifts to the trust for several years before starting income payments. This is another way to plan for retirement income as trust assets grow tax free. Create your own charitable trust projection or request a projection from Clarkson. Tom Basso ’74 has a charitable trust with Clarkson and would be happy to speak with anyone confidentially about his experience. Click to contact Tom. Read Bill Hurd’s ’61 articles on charitable trusts.
Guarantee income with your gift– Make tax-deductible gifts to Clarkson and receive guaranteed payments for the rest of your life with a charitable gift annuity. You can defer the start of those payments until some time in the future, like retirement. Create your own gift annuity projection or request a projection from Clarkson. Lou Dindo ’54 has created several gift annuities at Clarkson. Lou would be happy to speak with anyone confidentially about gift annuities, the process to create one and about Clarkson’s service. You can call Lou in Massachusetts at 978-448-2733.
Share Clarkson – Pledge at least $2,500 per year for four years and provide a direct scholarship to help a needy and deserving student access a Clarkson education.
Think creatively – Retirement plan assets are expensive for heirs to inherit since they must pay tax on income from the plan. It may be tax-advantageous to capstone your philanthropic legacy with a gift of retirement plan assets to Clarkson and bequeath other assets to heirs.
“Insure” your legacy – Naming Clarkson the owner and beneficiary of a life insurance policy can generate an income tax deduction now for the cash value of the policy, and build your charitable legacy for later.
Keep it simple – A bequest in your will or living trust may be for a specific amount or asset, a percentage, a remainder or a contingency. It may memorialize a family member or the family name. You can also create a gift annuity or charitable trust through your will to provide income to other loved ones before a gift ultimately goes to Clarkson.
For further information on gift-with-income plans request our workbook Will a Gift-with-income Plan Work for Me? Try our gift calculator to create your own gift-with-income projection or request a projection from Clarkson.
For help organizing and defining your philanthropy request our Philanthropic Planner.
Is it time to update your will? For help getting organized before meeting with your attorney request our Estate Planning Organizer.
Your plan for Clarkson’s future may make you a member of the Annie Clarkson Society.
Your gifts may count in Clarkson fundraising campaigns, in your next anniversary reunion, and towards Roundtable annual recognition. Contact the Annie Clarkson Society for help making the most of your gifts to Clarkson.
This web page does not provide legal or financial advice, nor is it a comprehensive review of the topic. You should consult your legal and financial advisors and Clarkson University before making or planning your gift.