Planning for Retirement
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, Doug '71 and Jane Collette recently created a "flip" charitable remainder trust with Clarkson. As they both transition into retirement, they will make several gifts to the trust to take advantage of the income tax deductions. The trust will grow tax-free over several years before it begins making payments in 2015 to Doug and Jane. Payments will continue for the rest of their lives, and someday the remainder in the trust will be added to the Collette Scholarship Endowment.
Here are ways you, too, can build your philanthropic legacy:
Where the need is greatest – Is it time to increase your giving to The Clarkson Fund? Your generous support each year helps students right now, and you can make your tax-deductible gift online.
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 may 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 - You can create a charitable remainder trust and make tax-deductible gifts to the trust for several years before starting income payments back to you when you retire. 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- You can make a tax-deductible gift to Clarkson and receive guaranteed payments for the rest of your life with a charitable gift annuity. If you wish, 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. Click to email Lou, or call him in Massachusetts at
Combine your gift with others for income – In the pooled income fund your tax-deductible gift is combined with gifts from others to generate income throughout retirement and provide a gift for Clarkson later on. Create your own pooled income fund projection or request a projection from Clarkson.
Share Clarkson – You can 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.
Would you like 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.
Would you like ideas on creating a gift plan using non-cash assets? Request our workbook Gift Planning with Non-cash Assets.
Would you like help organizing and defining your philanthropy? Request our Philanthropic Planner.
Is it time to update your will? Need 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.
Review Anniversary Reunion Year Gift Counting Guidelines.
Your gifts may count in the Evolution to Excellence fundraising campaign, 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. (rev. 10/2014)
Doug '71 & Jane Collette
Cash, Checks, Credit Cards
Charitable Lead Trusts
Closely Held Businesses
Charitable Gift Annuities
Charitable Remainder Trusts
Pooled Life Income Fund
Retained Life Estates
Stocks, Bonds & Mutual Funds
Tangible Personal Property
E2E Counting Guidelines