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Transforming a Reunion Gift to Create a Legacy at Beloit

SchneidermanRoy Schneiderman'77 feels a strong appreciation for the education he received at Beloit College and the influence it has had on his life.

After his time at Beloit, he went on to earn a master's degree in philosophy and a master's in business administration, saying philosophy is an excellent start for business because it teaches critical thinking and hones communication skills.

Roy's professional accomplishments are living proof of his belief. He is the founder and principal of Bard Consulting, a firm that provides customized real estate investment solutions for institutional investors. Previously, Roy was a partner at Sedway Group and a consultant at Deloitte LLP.

Roy and his wife, Susie Chang, have been generous to Beloit for many years and have also included the college in their estate plan, so they are members of the James E. Duffy'49 Society.

Personalized Giving
Roy and Susie have gradually increased their annual giving to support areas they are passionate about-one of their first gifts honored eight professors whom Roy admired.

Several decades ago, Roy bought one share of Berkshire Hathaway Inc. Given its significant appreciation over the years, the stock became the ideal asset to gift to the college.

Roy envisioned the proceeds from the sale of the stock being used to fund his annual gifts to the Beloiter Fund and a special gift for a visiting philosopher over the next several years.

Working together, the Gift Planning office and Roy have ensured his special gift will fulfill his philanthropic plans for Beloit, as well as provide Roy and his family with maximum financial benefit. By timing this gift as he did, Roy is able to avoid capital gains and take a charitable deduction that he knows he can currently use.

The Nuts and Bolts
The college has sold Roy's appreciated stock and will invest it in a fund with 0 percent weighted risk and a small return. Over the next several years, the college will withdraw money from the investment account, per Roy's advice, to fund the areas he wants to support at the college.

For example, as the five-year-old Visiting Philosopher Fund neared the end of its original funding, Roy-who wanted to help continue the program initiated by a classmate-designated a portion of his gift to support the Visiting Philosopher Fund, and requested the program be renamed in honor of one of his favorite professors, Scott Crom, Ph.D.

Roy is able to pre-fund his annual support for a five-year period and distribute it to several areas he cares about.

Sound simple? For Roy, that was key.

Roy wanted to put his gift on autopilot, and the experts in the Gift Planning office have crafted this fund to do just that.

A gift like this can be structured to include as much input from the donor as desired. When you work with the Gift Planning Office, the team will design your gift in a way that makes sense for you and your family.

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A charitable bequest is one or two sentences in your will or living trust that leave to Beloit College a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give... _______________% of my estate, OR the sum of $_______________, OR the real property described on the deed as _______________, OR personal property described as _______________, OR all the rest, residue and remainder of my estate, OR _______________% of the rest, residue and remainder of my estate to THE BOARD OF TRUSTEES OF BELOIT COLLEGE. The College shall hold, manage and distribute the funds in accordance with the Gift Use Agreement* entered into between me and the College.

*Optional language: "If no such agreement exists at the time of my death, then… the funds shall be unrestricted and held and managed as a part of the permanent endowment of the College. OR the funds shall be used for the highest and best purposes of the College."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Beloit or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Beloit as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Beloit as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Beloit where you agree to make a gift to Beloit and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

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