Bob '48 and Milly Hill
When you make a gift to charity and consider the impact of your gift on your financial and/or estate plans, that’s gift planning. If you make that gift with a larger philanthropic goal in mind, that’s also gift planning. And when you make future gifts to build upon your previous gifts, that’s gift planning, too. Creative gift planning helps us make the most of our lifelong philanthropy. That’s exactly what Bob ’48 and Milly Hill have been doing at Clarkson.
In addition to their loyal support to the Clarkson Fund over the years, in 2001 Bob and Milly created their first gift annuity. They knew that they wanted to support the SPEED Program (Student Projects for Engineering Experience and Design) at Clarkson. As Bob said, “Clarkson gave me a solid engineering foundation, but not as much experience with system design or interaction with other disciplines. Yet most of my career involved systems and teamwork with specialists in electrical engineering and manufacturing engineering, and in areas such as reliability, control, human factors and electromagnetic interference. SPEED addresses the need to understand the whole picture and work with colleagues in a hands-on, real-world environment.” The Hills planned their gift annuity to generate guaranteed income to them both for life, with the remainder to ultimately go to a SPEED endowment.
A few years later, Bob and Milly created their second gift annuity, and through a special arrangement with the University, not only planned additional funds for SPEED, but also named a professorship, the Robert R. Hill ’48 Professorship in Mechanical Engineering. Recently, the Hills created their third and fourth gift annuities, again restricting the eventual remainder to the SPEED Endowment. “Clarkson has been very helpful to us in planning our gifts in a way that not only achieves our philanthropic goals but our financial goals as well,” says Bob, “it’s a great way to guarantee retirement income for us and make a real difference for students at Clarkson.”
What’s creative about the Hills’ gifts?
· They see the impact of their giving now through annual reports on the professorship and SPEED program
· The Professorship was created when they funded their second annuity
· Matching gifts from Bob’s former employer were added to the SPEED endowment
· They combined outright and deferred gifts to accomplish their goals
· The annuities were created over time, offering a higher payout rate each time
· A combination of stock and cash gifts saved on capital gains taxes and generates a sizeable amount of tax-free income
· Each gift provided a generous income tax charitable deduction that they were able to spread out over several years
· Income from the annuities is guaranteed for both their lives
· The annuity assets are managed by one of the top 15 largest asset managers in the world
· And finally, their gifts this year will count in Bob’s 60th anniversary reunion in 2008
Mildred & Robert '48 Hill
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