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Planned Giving

Inheriting a Love for K: A Stetson Society Member's Story

When Elsie Miller first met her late husband Harold, a Kalamazoo College Alumnus of 1928, they often went to see musical performances together in Shelbyville. Though neither of them possessed musical talents of their own, they shared a great love for music. Both having been widowed before they met, Harold and Elsie married in 1981. Harold introduced her to classical music, and they particularly enjoyed orchestral performances. "I inherited my affection for K from Harold," says Elsie. "He had great respect for the professors and staff that mentored and encouraged him."

After Harold passed away in 1998, his trust arranged for his home to be left to Kalamazoo College, and, when Elsie decided to move to Friendship Village, the College arranged for the sale of the house. Once the house sold, the funds were used to create the Harold R. Miller and Ruth Vivian Coe Miller Music Scholarship to support students with an interest in the performance of classical music.

In honor of Harold Miller and to acknowledge his support, Emeritus Professor of Music at Kalamazoo College Barry Ross, who was a friend of the couple, arranged an annual spring concert at Friendship Village. Over the past several years, K music students, along with Professor Les Tung, have performed for the residents as well as friends and neighbors. Elsie enjoys attending the concert every year and aids in the presentation and preparation of programs for the event. She also has had the opportunity to meet the students and hear about their experiences at K. "I remember when Joanna Steinhauser '02 performed, and now she's a visiting professor at K," says Elsie.

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A charitable bequest is one or two sentences in your will or living trust that leave to Kalamazoo 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, [name], of [city, state, ZIP], give, devise and bequeath to Kalamazoo College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 K 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 K 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 K 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 K where you agree to make a gift to K 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.

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