NEW! The CAA2023 creates an opportunity to give and save, and recently-raised CGA rates mean a bigger return on your gift. Find out what the changes mean for you.
Planned Giving is a way to support Carleton College in the future through arrangements you make today.
Making charitable contributions is an art-a creative process that adapts to your changing needs as a donor. Planned giving allows you to make charitable gifts, continue to meet your current income needs, and take advantage of current tax incentives.
This site is designed to make it easy for you to get the information you need when considering a planned gift. You will also find information to share with your financial advisor and estate planner. When you are ready, you can use this site to reach out to us to share your plans, let us know what you are considering, or just to start a confidential, no obligation conversation about what's possible.
JOSEPH LEE HEYWOOD SOCIETY
WHO WAS JOSEPH LEE HEYWOOD?
Joseph Lee Heywood served as Carleton's volunteer treasurer and a bank officer at the First National Bank of
Northfield during the infamous James-Younger raid in 1876. Despite repeated threats from members of this
notorious gang, he refused them access to the vault and was fatally shot. He was heralded locally and nationally
for giving his life to prevent the robbery and protect the College's resources. His name has been synonymous with
uncommon loyalty ever since.
More than a century later, we honor both Heywood and those who embody his spirit and allegiance by showing
exceptional devotion to the College. Through their gifts of future support, Heywood Society members pledge to
safeguard Carleton's excellence in liberal arts education for centuries to come.
An Invitation to Join the Joseph Lee Heywood Society
Anyone can join the Heywood Society. It is easy to do, does not have to alter your current lifestyle and can be modified to address your changing needs.
The most straightforward way to become a member of the Heywood Society is to name Carleton a beneficiary of your retirement account or as a beneficiary in your will or trust.
Once you complete your estate plans, please let Carleton know. We would like to thank you for your generosity by including you in the Joseph Lee Heywood Society.
How to Give
Not only do you have options for how your gift will be used, you also have options on what to give and how to give. There are gifts that cost you nothing now, gifts that pay you income, and gifts that allow you to decide what happens when.
Beneficiary Designations
Retirement Assets and other Funds
Naming Carleton as the beneficiary of a retirement plan asset such as an IRA, 401(k), or 403(b), will accomplish a charitable goal while realizing a significant tax savings.
Through a provision in your written and executed will or living trust you can make a gift to Carleton College in the form of cash, securities, real estate or personal property. There are many types of bequests. Consult with your attorney to choose the one that best fits your needs and intentions.
You can turn underperforming assets (cash, stock, CDs, savings bonds, etc.) into a gift to Carleton College that provides income to you or you and a loved one. Your Carleton College Charitable Gift Annuity will return fixed, quarterly payments for life and provide tax benefits, too.
When you donate appreciated stocks, bonds, or mutual fund shares instead of cash, your gift costs you less than the amount Carleton College receives. You'll get a charitable deduction for the full amount of your gift and avoid the impact of capital gains taxes.
IRA Qualified Charitable Distribution
Make a Tax-Free Gift from Your IRA
If you're 70 ½ or older, each year, you can instruct your IRA administrator to transfer a gift (up to $100,000) directly to Carleton and avoid paying the tax had you taken it as income
Gifts of Real Property
Real Estate and Other Valuables
Like stock, the fair market value of gifts of appreciated assets such as real estate, artwork, and other well curated collections can be deducted from your income tax today, avoid capital gains, and reduce estate taxes in the future. There are even ways to donate your home and live there as long as you'd like.
Name Carleton College as a beneficiary of your donor advised fund. Designate us to receive all or a portion of the balance of your fund through your fund administrator (you can also make a grant to us at any time from your donor-advised fund). The balance in your fund passes to Carleton College when the fund terminates.
Charitable Remainder Trusts provide you income from an asset that then passes to Carleton as a gift. Charitable Lead Trusts provide income to Carleton before the asset passes to your heirs. For the savvy donor, charitable trusts can provide tax-advantaged income, eliminate capital gains, or preserve assets for your heirs.
Name Carleton College as the beneficiary of an existing life insurance policy; donate an existing, paid-up life insurance policy you no longer need; or purchase a new life insurance policy and name Carleton College as the owner and beneficiary.
Include a bequest to Carleton in your will. Make your bequest unrestricted or direct it to a specific purpose. Indicate a specific amount or percentage of the balance remaining in your estate.
Benefits
Your assets remain in your control during your lifetime.
You can modify your gift to address changing circumstances.
You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.
Planning Tip
If you express your gift as a percentage (e.g., "20 percent of the residue of my estate"), you can maintain the same relative gifts to charities and your heirs, regardless of changes in estate value. If you are considering designating your gift for a specific purpose, such as a scholarship fund, or support for a specific department, contact us to ensure that we understand your wishes.
Sample Bequest Language
You may wish to share the following sample language with your attorney:
I give, devise, and bequeath to Carleton College, a non-profit Minnesota
corporation, located at One North College Street, Northfield, Minnesota,
the sum of $______ (or, ______ percent of my estate, or, ______percent
of the residue of my estate) to be used for such purposes as the Board of
Trustees determines at the time this bequest becomes effective.
Using language like the following will help us follow the spirit of your
gift, even if the particulars change:
If, at any time after this bequest becomes effective, the funds are not
needed or cannot be used for this purpose, the Board of Trustees may
direct the funds to be used for a purpose as closely related as possible to
the original purpose described in this provision.
Beneficiary Designations from Retirement Accounts and Other Funds
Beneficiaries of your Retirement Plan or your IRA
Designate Carleton as a beneficiary of part or all of your Retirement plan or your IRA. Normally the assets held in an IRA or retirement plan will be subject to both income tax and estate taxes, but if you name Carleton as a beneficiary of a percentage (or all) of your plan, that portion will pass to Carleton free of income or estate taxes.
Payable on Death Bank Account Designation
Designate your bank account to be payable on death (P.O.D.) to Carleton when you die. There is no change in ownership, control, or benefit from this account while you are still alive. The payable on death designation operates only when you die, and causes whatever funds that are in the account to go to Carleton at your death.
Transfer on Death Brokerage or Investment Account
Designate your brokerage or investment account to be transferrable on death (T.O.D.) to Carleton when you die, to pay the assets of that account over to additional charities. It is not necessary for the T.O.D. designation to transfer all of the account solely to Carleton. You can designate a certain percentage of the account to pass. To set up the TOD endorsement, contact your investment advisor and provide the instructions regarding the change.
A charitable gift annuity allows you to gain the security of a fixed, guaranteed income for life, receive a tax deduction for a portion of your gift, and make a gift to Carleton that you may not have thought possible.
Income for Life: An annuity is payable for life to one or two people age 65 or older, so you cannot outlive your annuity payments.
Eliminate Investment Risk: Your annuity payments-at a fixed amount, will remain constant regardless of market volatility.
Charitable Deduction: You are entitled to a current charitable income tax deduction for a portion of your gift amount.
Capital Gains Benefits: If your annuity is funded with appreciated stock, you avoid paying capital gains tax on some of the appreciation, and spread the remaining capital gains over your anticipated life expectancy.
Tax-advantaged Income: Depending on the assets used to fund the annuity, each annuity payment typically consists of a tax-free return of principal, capital gain, and ordinary income.
Secure Payments: Your annuity payments are guaranteed by all of Carleton College's assets (now more than $800 million). The College has earned an Aa2 credit rating from Moody Investor Services.
How Carleton Benefits
At the death of your last income beneficiary, remaining annuity assets are transferred to the College to be used for a purpose you may designate.
If you don't need income right away, you can obtain both a higher payout rate and a larger charitable deduction by establishing a planned gift annuity. A planned gift annuity allows you to receive a guaranteed, fixed income for life that begins when you need it, and receive a tax deduction for a portion of your gift to Carleton.
How You Benefit from a Flexible Gift Annuity
Income for Life: An annuity is payable for life to one or two people age 65 or older, so you cannot outlive your annuity payments.
You Control When Income Begins: Annuity payments are deferred until you choose to start them (at age 65 or older), with a minimum required deferral period of one year.
Charitable Deduction: You are entitled to a current charitable income tax deduction for a portion of your gift amount.
Capital Gains Benefits: If your annuity is funded with appreciated stock, you avoid paying capital gains tax on some of the appreciation, and spread the remaining capital gains over your anticipated life expectancy.
Tax-advantaged Income: Depending on the assets used to fund the annuity, each annuity payment typically consists of a tax-free return of principal, capital gain, and ordinary income.
Secure Payments: Your annuity payments are guaranteed by all of Carleton College's assets (now more than $800 million). The College has earned an Aa2 credit rating from Moody.
How Carleton Benefits
At the death of your last income beneficiary, the remaining annuity assets are transferred to the College to be used for a purpose you may designate.
Charitable Remainder Unitrusts allow you to make a gift of cash, stock, or real estate to Carleton, receive a tax deduction for a portion of your gift, and receive variable income from your unitrust for life.
How You Benefit from a Charitable Remainder Unitrust
The income from a unitrust can grow over time, providing you with a potential hedge against inflation.
You can claim a charitable income tax deduction for a portion of your gift amount.
If you fund your trust with stock or real estate, you also avoid paying immediate capital gains taxes on the appreciation.
Unitrust income is taxed at favorable rates, since it usually consists of part ordinary income and part capital gains.
You can structure a unitrust to pay income to multiple people, either for their lifetimes (if they are age 50 or older) or for a specific number of years (up to 20).
All Carleton unitrusts are invested and administered by Kaspick & Company, an industry leader in tax-efficient charitable trust management.
How Carleton Benefits
When the term of the unitrust is over, the trust assets are transferred to Carleton to support the college's mission or for a purpose you designate.
Minimum Gift
The suggested minimum for establishing a charitable remainder unitrust through Carleton is $100,000, or periodic gifts totaling that amount.
Flip UniTrusts
A Flip Unitrust allows you to donate illiquid assets like business interests or assets earning little or no income like real estate to receive an immediate tax deduction, and allow the value of those assets to appreciate in the trust tax free. When they are sold, the trust 'flips' to a conventional charitable remainder unitrust and income payments to the beneficiary begin.
You receive a charitable income tax deduction in the year that you make your gift, but minimize income until you need it and enjoy tax-free growth on the trust assets.
If you fund your trust with stock or real estate, you avoid paying immediate capital gains taxes on the appreciation.
You can set up a unitrust to pay income to multiple people, either for their lifetimes (if they are age 50 or older), or for a specific number of years (up to 20).
You can also list more than one charity as a remainder beneficiary.
Your unitrust will be invested and administered by Kaspick & Company, an industry leader in tax-efficient charitable trust management.
The income from a unitrust can grow over time, providing you with a potential hedge against inflation.
How Carleton Benefits
When the term of the unitrust is over, the trust assets are transferred to Carleton to support the college's mission or for a purpose you designate.
Minimum Gift
The suggested minimum for establishing a charitable remainder unitrust through Carleton is $100,000, or periodic gifts totaling that amount.
Gifts of Appreciated Assets
Gifts of Publicly Traded Securities
Giving publicly traded shares of stock, bonds or mutual funds to Carleton allows you to turn an appreciated asset into support for students and faculty.
You'll receive a charitable income tax deduction for the fair market value of your gift, and as a qualified non-profit, Carleton can then sell the stock without having to pay capital gains tax. All the proceeds from the sale will be used for the charitable purposes you specify.
You can designate your gift to the annual fund, to start an endowed fund, or to support a particular project.
The real cost of your gift Is reduced, since you'll save on income and capital gains taxes by giving appreciated stock or mutual fund shares to Carleton.
You can use your securities to make different types of gifts, including:
An outright gift that gives you a charitable deduction for the fair market value of the property while potentially avoiding capital gains taxes.
A gift that gives you income back and an immediate tax deduction, while leaving the assets to Carleton.
A gift that gives Carleton income for a few years, then is passed on to your heirs at the time you specify, with considerable estate and gift tax savings.
To create stock transfer instructions from your brokerage account to Carleton's and notify us of your intentions, click here:
Own your own business? It is also possible to give closely held stock to Carleton.
If you own your own business, you may not hold much publicly traded stock because most of the stock you own is in your business. And if you're like most entrepreneurs, the stock in your company has virtually no cost basis, making it subject to significant capital gains when you are ready to sell.
While potentially very tax-advantaged, gifts of closely held stock are not without their complexities and require thoughtful consideration on the part of all parties including: the shareholder, the company issuing the stock and Carleton.
Using Real Estate to make a gift allows you to turn an asset into support for students and faculty at Carleton, receive a charitable income tax deduction, and avoid paying capital gains taxes.
Gifts of Real Estate
The real cost of your gift is reduced, since you'll save on income and capital gains taxes by giving appreciated property to Carleton. You can use real estate to make a variety of different types of gifts, including:
An outright gift that gives you a charitable deduction for the fair market value of the property while potentially avoiding capital gains taxes.
A gift that gives you income and an immediate tax deduction, while leaving the assets to Carleton.
A gift that gives you income for a few years, then is passed on to your heirs at the time you specify with considerable estate and gift tax savings.
A gift that gives you a sizeable tax deduction today and allows you to use the property for your lifetime, while leaving the property to Carleton at your death.
Or, you can designate you gift to start an endowed fund or to support a particular project.
A Retained Life Estate allows you to make a gift of a farm or personal residence to Carleton, receive a tax deduction for a portion of your gift, and continue to use your property while you are still alive
You receive a charitable income tax deduction today for a gift that will help Carleton in the future.
Your estate taxes may be reduced because the property is removed from your estate.
Your executor's job is simplified, since your property will pass directly to Carleton upon your death.
How Carleton Benefits
At the end of your life, Carleton can use the property or the proceeds from the sale of the property-either for the endowment or for a purpose you specify.
Minimum Gift
The minimum gift for establishing a gift with a retained life estate at Carleton is $100,000.
Gifts of Life Insurance
Make Carleton your life insurance beneficiary
Making a gift of life insurance allows you to transfer ownership of a paid-up life insurance policy to Carleton College. Carleton elects to cash in the policy now or hold it.
How You Benefit from a Gift of Life Insurance
Make a gift using an asset that you and your family no longer need.
Receive an income tax deduction equal to the cash surrender value of the policy.
You may be able to use the cash value of your policy to fund a gift that delivers income, such as a planned gift annuity.
Designate us to receive all or a portion of the balance of your fund through your fund administrator (you can also make a grant to us at any time from your donor-advised fund). The balance in your fund passes to Carleton College when the fund terminates.
How You Benefit
You can direct your gift to a particular person (be sure to check with us to make sure your gift can be used as intended).
Maintain flexibility to change beneficiaries if your needs change during your lifetime.
A Grantor Charitable Lead Trust allows you to give an annual income to Carleton, receive a charitable income tax deduction, and receive the remaining assets back when the trust's term ends.
When you establish the trust, you qualify for an upfront charitable income tax deduction for the income stream the trust will pay to Carleton.
Your trust is invested and managed by the professional or private trustee of your choice.
You can structure the trust to pay income to multiple charities, either for a term of years or a person's lifetime.
You can designate your gift to start an endowed fund or to support a particular project at Carleton.
The trust assets-including all appreciation-are returned to you at the end of the trust term.
How Carleton Benefits
The College receives an annual income from the trust. The income is either a fixed amount or a percentage of the trust assets' annual fair market value.
Minimum Gift
Trustee's suggested minimum funding amounts and fees will vary, but these trusts are typically funded with at least $500,000.
Family Trust
A Family Trust is also called a Charitable Lead Trust because the charity takes the 'lead' in receiving income for a period of time with the remaining assets going to the donor's family when it expires. The donor receives an immediate tax deduction for their gift, and the assets that pass to the family.
You place cash, stock, or other assets into a family trust (also known as a lead trust).
The trust makes fixed annual gifts to Carleton for as many years as you choose.
At the end of the trust's term, the remainder goes to your children.
How You Benefit
A family trust lets you time your bequests precisely.
You can list any number of charities and all of your children as beneficiaries.
You "freeze" the value of the assets used to fund the trust, they are calculated and may be payable at the time of the gift.
Most of your gift to charity is made from what would otherwise be tax dollars.
How Your Children Benefit
When the trust ends, all remaining assets-including all appreciation-are transferred to your children, free of any gift or estate taxes.
Although your children may owe some capital gains taxes if the trust assets have appreciated, these taxes will not be payable until your children sell the assets.
How Carleton Benefits
The College receives an annual income for the entire term of the trust.
Minimum Gift
Generally you select an attorney or professional trustee to invest and manage your trust. Family trusts are typically funded with at least $250,000 and in most cases more than $1,000,000.
IRA Qualified Charitable Distribution
Make a Tax-Free Gift from Your IRA
An IRA Qualified Charitable Distribution (QCD), also known a Charitable IRA Rollover, allows you to make a gift to Carleton directly from your IRA and pay no taxes.
Qualified Charitable Distributions Webinar presented by Christian Hakala and Melissa Saunders on November 9, 2022.
Tax-Free IRA QCD
The IRA Qualified Charitable Distribution allows donors to exclude certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities from their taxable income.
To qualify
You must be age 70 ½ or older at the time of gift.
Transfers must be made directly from a traditional IRA account by your IRA administrator to Carleton College. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.
The gift must be completed during the applicable tax year.
How You Benefit
An IRA qualified charitable distribution makes it easier to use IRA assets, during lifetime, to make charitable gifts.
Your gifts do not count as Income for federal income tax purposes.
If you have already used up your charitable deductions or do not itemize your deductions, you can still make gifts through tax-free IRA transfers
You can use tax-free IRA QCDs to make any kind of outright gift, including:
Alumni Annual Fund gifts
50th Reunion gifts
Pledge payments
Gifts to scholarships or other endowed funds
Maximum Gift
An individual taxpayer's total IRA qualified charitable distribution gifts cannot exceed $100,000 per tax year.
Qualified Charitable Distributions Webinar presented by Christian Hakala and Melissa Saunders on November 9, 2022.
Wills & Beneficiaries Webinar | February 1st, 2023
Becky Leichtling '08
As a college counselor for high school students, Becky Leichtling '08 is constantly reminded of why she chose a liberal arts education. "It's really not all about major," Leichtling tells the students she coaches, "it's also about what school can both support and challenge you." Working for a company called College Coach, Leichtling loves helping teenagers and their families around the world find the right fit for post-high school plans.
For Leichtling, that perfect fit was Carleton. "It felt so wonderful when I visited," she says. "I sat in on classes, I was engaged-I knew this is where I wanted to be." Leichtling enjoyed practically all of her Carleton experiences. She loved professors who asked more of her than the easy answers, classes that exposed her to new ideas and perspectives, and student employment bosses who believed in her, challenged her, and gave her experiences she drew on when interviewing for jobs after graduation. She also loved ice hockey, comedy, and ultimate Frisbee, which introduced her to new friends and built her confidence. She draws on these experiences often when working with the high school students she counsels-many of them say they want a large university that has more opportunities, but Leichtling points out that small schools can offer more access.
All her fond memories led her to include Carleton as a beneficiary of her 401(k) plan. At this point in her young career, she admits, her gift isn't huge, but she hopes it will be some day. "Giving to Carleton is really important to me," she says. "Carleton really challenged me and nurtured me in ways that were great, but that also slapped me in the face in ways that were hard but helped me develop as a person. It's a difficult line to walk, and I value the way Carleton is doing it."
That personal development, she says, is often sacrificed at other schools in the name of more career preparedness. Many of the families she coaches are looking for a tangible return on investment, and there's more and more pressure on colleges to focus on career training. Leichtling admires how Carleton has found a way to do both: greatly enhancing its Career Center while maintaining its liberal arts philosophy. "They're changing with the times but also staying true to what they're all about," she says.
Leichtling is part of a growing group of younger alumni who have joined the Heywood Society, and she says that's because planning has always been crucial for her. She's always wanted to make sure her loved ones would have a clear idea of her wishes in case something unexpected were to happen. She also feels there will never be a right or better time to give to causes that are important to her.
"I don't imagine that there's ever going to be a point in my life when I'll look around and say, 'Aha! I've made it-now I can start giving,'" she said. "I set the standard for myself to always give so that I will always be a part of this community, and so that I can provide a community for a younger generation of students, too."
Jon and Peggy Watterson '66
Staying active when they retired (or at least semi-retired) has been important to Jon and Peggy Watterson-whether it be biking cross country, helping Turkish and Vietnamese seed scientists with research, caring for their enormous garden, or planning for their financial future.
The two former biology majors had given to Carleton through the annual fund for many years, and in 2012 they decided to do some- thing more significant. They considered a few options but ultimately decided a charitable remainder unitrust was the right fit for them.
"We saw it not only as a way to give back to the college but also get an income stream as well as a partial tax deduction," Jon says.
"We had lots of options where we could give gifts," Peggy says. "Both of us have benefit- ted from Carleton a great deal, and the con- nections that we still keep with Carleton are pretty important."
In fact, some of those connections are practically next door. After graduate school, the Wattersons followed a pair of fellow Carls to Davis, Calif., and they've been there ever since. Both have enjoyed long careers, and they say the liberal arts education they received at Carleton allowed them to branch out further than their biology majors. Jon, for example, began his career in plant pathology, then moved into plant breeding and molecu- lar biology before managing research and development in Europe, South America, and Asia. Peggy taught general science courses to middle school students and directed a Univer- sity of California-Davis project called Reading and Writing in the Content Areas that engaged teachers statewide in multiple disciplines.
"If I had gone anywhere but Carleton, I probably never would have gotten involved," Peggy says.
The one thing their Carleton education did leave them with time for, they say, was trav- eling off campus. So they've dedicated the money from their unitrust to biology majors studying abroad.
With their unitrust, the Wattersons were able to give a significant gift to Carleton and receive a percentage of its assets each year. What also appealed to the Wattersons was that they could easily add to the unitrust at any time-so a few years back, they added more funds, received another tax deduction, and increased the income they received.
"We see good things happening at Carleton, and that's where we wanted to put our re- sources," Peggy says.
Joe '63 and Nancy '63 Braucher
From the moment they first arrived at Carleton, Nancy Braucher says, she and her future husband Joe understood that the college would be in their lives forever.
"When we started, President Gould said Carleton would always be a part of us," Nancy said. "It planted the notion very early that part of what you would do is give back to Carleton."
Thanks to that sense of belonging, and because they are passionate about education, the Brauchers have consistently given to Carleton throughout the years. But perhaps their most significant contribution has been the gift of their beloved vacation home in Michigan's Upper Peninsula.
The vacation home has given the couple wonderful memories over the years, Nancy says, and remained comforting and constant even as their lives changed. They raised two daughters, saw them leave home, advanced their careers (both Joe and Nancy went on to earn MBAs), welcomed grandchildren into their lives, retired, and moved from Illinois to Arizona.
And still, Nancy says, she started thinking about leaving their cherished place to Carleton a long time ago. She and Joe had been learning about deferred giving options and the Heywood Society, and their 50th reunion prompted them to start the process.
"We thought it was the right thing to do," Joe said. "Supporting the liberal arts is very important to us."
The home has meant many things to the couple: woods, water, and fishing for Joe, and beautiful, sunny days for Nancy. They've hosted countless friends and watched their children and grandchildren soak up the outdoors. But, Joe says, it's time to move on. The place requires a lot of love and care, and their two daughters agree that neither of them is in a position to keep it. So they decided to combine two places that hold special places in their hearts: their vacation home and their alma mater.
This type of gift allowed them to donate their property now, receive a tax deduction, and still enjoy their property while planning for a simpler life. They arranged for a four-year term, when ownership will transfer to Carleton outright and their gift will go to work. They hope it will support Carleton's Career Center initiatives because "in today's world, it's important that students have some grip on where they may be going," Nancy said.
"It's a win-win for everybody," Joe said. "It's a marvelous way to contribute to Carleton. To anyone who hasn't joined the Heywood Society yet, I'd say, 'What are you waiting for? Just do it!'
Eldon Spencer '69
Eldon Spencer '69 wants to be remembered as he lived: contributing to the charities he feels are doing good work in the world.
Partly because of his loyalty to Carleton-as an alumnus and a parent-but mostly because he strongly agrees with its mission, he and his wife, Ann Spencer, established a series of flexible deferred charitable gift annuities. "We felt it would be an appropriate message for our kids-that in death, just like in life, we give a certain portion of our income or estate to charity," Spencer says.
Spencer has given to the college through the Alumni Annual Fund for more than 40 years, and now his annuities allow him to make a more significant contribution than he'd otherwise be able to while also cushioning his financial security as he plans for retirement. He contrasts the annuity with life insurance, which offers financial assistance in cases of an early death. An annuity, on the other hand, offers financial assistance in cases of a very long life because it provides a steady, guaranteed income for the rest of his and his wife's lives.
"The income wasn't the thrust for the gift, but it does provide a little cushion," Spencer says.
After a long career as an attorney and multiple graduate degrees, Spencer still feels it was his undergraduate education at Carleton that prepared him for success. That's what he wants to pay forward.
"Carleton has never charged the full amount of what it actually costs to educate a student," he says. "It seems appropriate now to recognize what Carleton did for me and do what I can to help sustain those opportunities for future kids."
Spencer's liberal arts education both prepared him for a wide range of opportunities in life (how many people can say they've both won a case before the U.S. Supreme Court and competed as a finalist for the U.S. Olympic wrestling team?), and helped him develop a purpose in life. And having a life worth living, he says, makes education worthwhile-no matter how much income it brings in.
"Giving to Carleton fits our belief that it's important to give to groups that can really make a difference," he says. "And we thought the annuity was a fine way to make our final statement in the world."
Your benefits will depend on the timing of your gift. Contact us for current information about your rate(s) and benefits.
Doug '64 and Ruth Crane
With savings in the same bank that Joseph Lee Heywood himself once defended, Doug '64 and Ruth Crane thought creating a charitable gift annuity was the perfect idea. It makes them members of the Heywood Society, and it benefits the place they both love dearly. "Carleton as a physical place is very important to me," Doug says. "Living in Northfield, we have the benefit of seeing improvements and also the consistency. The quality of teaching and the connections faculty make with students have been there since I was there."
The Cranes' ties to the school go way back. When Ruth was young, her grandmother used to bring her to Mai Fete and the arboretum. When Doug was a student, Ruth continued to visit Carleton to see him; they were even married by a Carleton trustee, just a week after Doug graduated.
Fifty years later, as reunion approached, members of the Class of '64 encouraged each other to be as generous as possible. "The incredible power of all of us giving together created a connection with my classmates," Doug says. The Cranes chose a charitable gift annuity because its rate of return was higher than interest rates, and the charitable deduction and tax-free portion were an added bonus.
To Doug and Ruth, Carleton and Northfield are intertwined. An economics major, Doug worked as a finance officer for the Northfield School District- his office was in the former Northfield Middle School, now the Weitz Center for Creativity. Ruth, who studied Norwegian and women's studies at St. Olaf, has worked at Gould Library and at the Norwegian-American Historical Association. Now happily retired and living just minutes from campus, the couple enjoys traveling, visiting their 5-year-old granddaughter, and taking part in the Class of 1964 mini-reunions.
"I loved my experience at Carleton to a great degree because of place," Doug said. Happily, he and Ruth are taking part in preserving that place for future generations of Carls.
Courtenay Brown '95
Despite the myth of the self-made man, Courtenay Brown '95 believes no one would be whom he or she is today without learning from others. Everyone is a product of someone else's teachings and assistance, he says. That's why education is pivotal.
"No matter what you've done in life, there is always someone who gave you a break," Brown says. "You're a product of what you learned in school and from your family and friends."
As an international relations major who has worked in international finance for almost his entire career, Brown has always contributed what he could to the college and says his annual gift to Carleton is "his most important donation of the year."
"To the extent we can, we should help provide for future generations," he says, which is why Brown and his wife, Whitney Burroughs, also chose to include Carleton in their estate plans. In doing so, he and Burroughs are able to contribute in a more significant way than they previously thought possible and help provide that pivotal break for someone else.
"Planned giving seems like such a complicated and large decision, but in reality, it could be as large or small as you want," he says.
"It's not fun thinking about death," Brown says, but it is necessary. In addition to helping future generations, their decision to include Carleton in their estate plans was also practical. He and Burroughs wanted to make sure their two young daughters would be provided for, and beyond that, they made sure the values that they hold-such as high-quality, liberal arts education-were remembered as well. They didn't want to worry about their assets being tied up in probate court, inaccessible to their daughters.
So they met with an estate lawyer and decided to establish a revocable trust. Brown had always thought of trusts as options for very wealthy people, but after some investigation, he found that's not the case at all. And once the trust was established, adding Carleton as a beneficiary was a "logical decision that felt really good."
Though he didn't realize it at the time, honoring Carleton in his will qualified Brown as a member of the Heywood Society-a fact he learned just in time for his 20th reunion. "Becoming a member of the Heywood Society is just another way to say thanks to Carleton," says Brown.
Beverlee DeCoux
Beverlee DeCoux may have retired as Carleton's comptroller and moved to Texas for most of the year, but finances and the college are never far from her mind. So when she started thinking about selling a piece of land she owned, she crunched a few numbers. Immediately, the school that had influenced her professionally and personally sprang to mind.
"The land was producing very little net income, but if I would have sold it, I would have had significant taxes," DeCoux says. A planned gift helped her increase her income, avoid capital gains taxes, claim a charitable tax deduction, and invest in a place she feels is developing students to understand the world and do some good in it. She was able to accomplish all of these things through a flip charitable remainder unitrust.
"This was a way to honor the wonderful experience I had as a Carleton employee and the good Carleton does," she says.
Because she worked at Carleton for 32 years, DeCoux was familiar with unitrust gifts and with Kaspick & Company, which manages this type of gift for Carleton. "I'd always known how it worked- in fact, I even gave speeches on why this was a good option for retirement when I was in Toastmasters," she says.
As DeCoux planned her retirement, she wanted something she could count on for more income. The proceeds from the sale of the gifted land were invested, and the investments are valued annually. She then receives 5 percent of the market value each year for her lifetime.
"To me, it feels like a steady income," DeCoux says. "While the income varies with market value of the assets, the highly skilled and experienced professional managers, Kaspick, are investing both for me, the beneficiary, and for Carleton in the long run. The managers are seeking long-term growth so that Carleton will have as much as possible when the fund matures."
With a unitrust, donors may choose an endowed fund with their name, but DeCoux chose the money from her gift to be unrestricted, wanting the college to have the flexibility to apply it to the area of greatest need.
"It was just such a terrific experience to work there," she says of her time at Carleton. "My bosses and coworkers were wonderful. I was fortunate enough to be in contact with some of the trustees and see their dedication and selflessness. I worked with faculty members on committees and saw their dedication to the students-and, of course, the students themselves."
Beach '53 and Marianne Hall '53
If it hadn't been for Carleton, Beach Hall '53 and Marianne Kalivoda Hall '53-better known as Kellie-would never have met. The transition into college proved to be an important one for the rest of their lives: By the end of their first month on campus, they were dating.
"Those were the days that you kissed goodnight in the snowbank, not in the hallway," Beach says.
They were good years, the Halls recall. They both have fond memories of attending Carleton during the President Gould years, editing the Algol, and fighting for the only time on campus in Scoville Library.
"Neither one of us can remember what it was about," Kellie says with a laugh.
As the couple moved on, to Beach's Army days, to Indiana, to Michigan, and to later stages of their lives, Carleton remained important. The couple ran alumni meetings and served as admissions representatives in the Indiana and Detroit areas, and Kellie has edited their class newsletter since 1995. They also served as co-chairs for their 50th, 55th, and 60th class reunions.
"Carleton's education has served us well through all our lives," Kellie says. "It's still a great school, and we're happy to support it."
When the time came to transition once more, to simplify their lives, the Halls decided to sell their vacation condo in Colorado. To avoid capital gains, their CPA suggested they donate the property rather than sell it. Carleton was their charity of choice.
"We weren't using it as much, and Carleton has meant a lot to us over the years," Beach said. "And we didn't have the bother of dealing with a real estate sale from another state."
The process of the bargain sale was simple. The Halls sold the property to the college for a nominal price so they could pay the small remainder of the condo's mortgage; Carleton then sold the property and kept the proceeds. In the Halls' case, the money from that sale was added to a scholarship they had previously created to fund through their IRAs. It feels good, the couple says, to see that scholarship begin to be awarded while they are still alive.
"With the bargain sale, we weren't out of pocket anything," Kellie says. "We came out all right, and the college came out ahead."
Marianne "Kellie" Hall passed away in 2023
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