A planned gift allows you to create a legacy that meets your needs and wishes.
It is a way to support Hobart and William Smith Colleges without affecting your current lifestyle. We believe that it is vitally important that each gift has the benefit and impact that you intend, and we are here to help you choose the gift that's right for you.
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.
The Wheeler Society
The Wheeler Society recognizes individuals and families who have established a planned gift in support of the Colleges. Since it was established in 1989, The Wheeler Society has welcomed more than 1,000 alumni, alumnae, parents and friends who have invested in the Colleges as they have their own families. Their gifts — both modest and large — have reshaped the Colleges and their future.
Consider making a lasting imprint on the future of Hobart and William Smith with a gift you can designate to an area that has meaning to you.
You need neither great wealth nor grey hair to become a member of The Wheeler Society. If you've included Hobart and William Smith Colleges in your long term plans or intend to do so, please let us know, so we can welcome you to The Wheeler 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 Hobart and William Smith 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 Hobart and William Smith. 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, etc.) into a gift to Hobart and William Smith that makes payments to you and a loved one. Your Hobart and William Smith charitable gift annuity will return fixed, semi-annual 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 Hobart and William Smith receives. You’ll get a charitable deduction for the full amount of your gift and avoid the impact of capital gains taxes.
Charitable IRA Rollover
Make a Tax-Free Gift from Your IRA
If you’re 72 or older, each year you can instruct your IRA administrator to transfer all or part of your required minimum distribution (up to $100,000) directly to Hobart and William Smith and avoid paying the tax had you taken it as income.
Gifts of Real Property
Real Estate and Other Property
Like stock, the fair market value of gifts of appreciated assets can be deducted from your income tax today, allowing you to 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.
Designate Hobart and William Smith to receive all or a portion of the balance of your Donor- Advised Fund (DAF) through your fund administrator (you also can make a grant to us at any time from your donor-advised fund). The balance in your DAF passes to Hobart and William Smith when it terminates.
Charitable remainder unitrusts make payments to you or another beneficiary with the remaining value passing to Hobart and William Smith. Charitable lead trusts provide income payments to Hobart and William Smith with the remaining value passing to your heirs. For the savvy donor, charitable trusts can provide tax-advantaged income, eliminate capital gains tax, or preserve assets for your heirs.
Name Hobart and William Smith as the beneficiary of an existing life insurance policy or donate an existing, paid-up life insurance policy you no longer need.
Including Hobart and William Smith Colleges in your Will is a simple and easy way to honor the Colleges in your long term plans. You can make your gift unrestricted, direct it to a specific purpose, or preserve your legacy by establishing a named scholarship. You may choose to indicate a specific amount or percentage of the balance remaining in your estate.
Benefits
By sharing your plans with us, we are able to recognize your generous intentions by welcoming you as a member of The Wheeler Society and allow us to show our gratitude at this thoughtful gift
You can modify your gift to address changing circumstances
You can direct your gift to a particular purpose (check with us to make sure your gift can be used as intended)
Your assets remain in your control during your lifetime
Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests
Planning Tips
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’re 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 Estate Gift Language
You may wish to share the following sample language with your attorney:
“I/we give to Hobart and William Smith Colleges (Tax ID #16-0743040), located in Geneva, NY, the sum of $__________ , or ________% to be used for its general support (or for the support of a specific fund or program).”
NOTE: If you wish to designate your estate gift to a specific purpose or program at The Colleges, please contact Angela Tallo '05 in Advancement, 315-781-3545, to assure that the language you include will accomplish your wishes and align with Hobart and William Smith’s needs.
Beneficiary Designations from Retirement Accounts and Other Funds
Beneficiaries of your Retirement Plan or your IRA
By designating Hobart and William Smith Colleges as a beneficiary of part or all of your qualified retirement plan or your IRA, that portion will pass to HWS free of income or estate taxes. Normally the assets held in an IRA or qualified retirement plan will be subject to both income and estate taxes, and naming the Colleges as a beneficiary of a percentage (or all) of your retirement plan will allow you to both provide for your family and honor your philanthropic intent.
Payable on Death Bank Account Designation
Designate your bank account to be payable on death (POD) to Hobart and William Smith. There is no change in ownership, control, or benefit from this account while you’re living. The POD designation causes whatever funds that remain in the account to go to Hobart and William Smith.
Transfer on Death Brokerage or Investment Account Designation
Designate your brokerage or investment account to be transferable on death (TOD) to Hobart and William Smith. It's not necessary for the TOD designation to transfer all of the account solely to Hobart and William Smith. You can designate percentages of the account to pass to additional beneficiaries. 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 fixed payments for life, receive a tax deduction for a portion of your gift, and make a contribution to Hobart and William Smith that you may not have thought possible.
How You Benefit from a Charitable Gift Annuity
Payments for Life: An annuity is payable for life to one or two people age 60 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’re entitled to a current charitable income tax deduction for a portion of your gift amount.
Capital Gains Benefits: If you contribute appreciated stock to an annuity, you avoid paying capital gains tax on some of the appreciation, and spread the remaining capital gains over your anticipated life expectancy.
Tax-Advantaged Payments: Depending on the cost basis of the assets used to fund the annuity, each payment typically includes a tax-free return of principal, capital gain, and ordinary income.
Secure Payments: Your annuity payments are backed by the assets of Hobart and William Smith
Your contribution qualifies you as a member of The Wheeler Society.
How Hobart and William Smith Benefits
Upon termination, the remaining annuity assets are used by Hobart and William Smith for the purpose you designate.
Giving publicly traded shares of stock, bonds, or mutual funds to Hobart and William Smith 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 Hobart and William Smith can then sell the asset 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 Hobart and William Smith Annual Fund, to start an endowed fund, or to support a particular initiative.
The real cost of your gift is reduced, since you’ll save income and capital gains taxes by giving appreciated stock or mutual fund shares to Hobart and William Smith.
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 makes payments to you and provides an immediate tax deduction, while leaving the assets to Hobart and William Smith.
A gift that makes payments to Hobart and William Smith for a few years, with the assets and appreciation passed on to your heirs at the time you specify, providing considerable estate and gift tax savings.
Do you own your own business? It’s also possible to give closely held stock to Hobart and William Smith.
If you own your own business, the stock in your company may have a low cost basis, making the sale of the stock subject to significant capital gains tax.
While potentially tax-advantaged, gifts of closely held stock require thoughtful consideration on the part of all parties including: the shareholder, the company issuing the stock and Hobart and William Smith. Please call to discuss your objectives and learn how we have assisted dozens of donors complete gifts of closely held stock and partnership interests.
Using real estate to make a gift allows you to turn an illiquid, appreciated asset into support for students and faculty, claim a charitable income tax deduction, and save capital gains taxes.
Gifts of Real Estate
The real cost of your gift is reduced, since you’ll save income and capital gains taxes by giving appreciated property to Hobart and William Smith. 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 avoiding capital gains taxes.
A gift that makes payments to you and provides an immediate tax deduction, while leaving the assets to Hobart and William Smith.
A gift that provides you a sizable income tax deduction today and allows you to use the property for your lifetime, while leaving the property to Hobart and William Smith.
GIFTS OF PERSONAL RESIDENCES WITH A RETAINED LIFE ESTATE
By contributing your home, while retaining the right to live in it for life or a term of years, you claim an income tax deduction for a portion of your gift, and, through a retained life estate, continue to use your property during your life time.
How You Benefit
You claim a charitable income tax deduction today for a gift that will help Hobart and William Smith 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 home will pass directly to Hobart and William Smith.
Your contribution qualifies you as a member of The Wheeler Society.
How Hobart and William Smith Benefits
When your interest ends, Hobart and William Smith can use your home or the proceeds from its sale for a purpose you specify.
Minimum Gift
The minimum gift for establishing a retained life estate with Hobart and William Smith is $100,000.
Make Hobart and William Smith the owner and beneficiary of your life insurance
You may transfer ownership of a paid-up life insurance policy to Hobart and William Smith. Hobart and William Smith may elect 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 may 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 makes payments to you, such as a charitable gift annuity.
Please advise us so we can thank you and recognize your generous intentions by welcoming you as a member of The Wheeler Society.
Designate Hobart and William Smith to receive all or a portion of the balance of your Donor-Advised Fund (DAF) through your fund administrator (you also can make a grant to us at any time from your donor-advised fund). The balance in your DAF passes to Hobart and William Smith when it terminates.
How You Benefit
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).
Maintain flexibility to change beneficiaries during your lifetime.
Please advise us so we can thank you and recognize your generous intentions by welcoming you as a member of The Wheeler Society.
Gifts Through Trusts
Charitable Remainder UniTrusts
A charitable remainder unitrust allows you to donate cash or appreciated assets and receive payments based upon a percentage of the trust’s annual value. When the value of the trust increases, so do your payments and your gift to Hobart and William Smith. Your donation qualifies for an immediate tax deduction, and you save capital gains taxes.
A family trust also is called a charitable lead trust because the charity takes the “lead” in receiving payments for a period of time with the remaining assets, plus appreciation, going to members of the next generation when the term of the trust expires. The donors pass the trust assets to heirs at reduced transfer tax cost.
If you’re 72 or older, each year you can instruct your IRA administrator to transfer all or part of your required minimum distribution (up to $100,000) directly to Hobart and William Smith and avoid paying the tax had you taken it as income.
To qualify
You must be age 72 or older at the time of gift.
Transfers must be made directly from a traditional IRA account by your IRA administrator to Hobart and William Smith. Funds that are withdrawn by you and then contributed do NOT qualify.
The gift must be completed during the applicable tax year.
"We were inspired to include HWS in our will because we thoroughly enjoyed our time on campus. It's something we were able to experience together, and our son, Thomas '75, later followed in our footsteps. Barbara's brother, Thomas '56, also graduated from HWS.
We've designated our gift to go to the Phi Phi Delta Scholarship, because Henry was a brother in the fraternity. Even though Phi Phi Delta is no longer in existence at the Colleges, the brotherhood stays alive through this scholarship.
We've given to the Colleges regularly since we graduated, so planned giving was a natural step for us. We thought it would be a nice thing to do, and we could afford it. We would definitely recommend planned giving for anybody who can afford to make a gift."
Henry Rosenthal graduated from Hobart in 1947. An economics major, he was a member of the Phi Phi Delta fraternity and a student-athlete on the Statesmen football and lacrosse teams. In 1948, Henry received his MBA from the University of Chicago School of Business with a major in marketing. Barbara McEwen Rosenthal graduated from William Smith in 1948 with a degree in English. She was active in the William Smith Congress and performed with the Schola Cantorum.
Christie Hayes '71
"William Smith has been an important part of my life beginning with my college days. The exceptional education I received combined with my swimming and tennis team participation (among many other activities I participated in) reinforced core values such as discipline, hard work, and team cooperation and furthered the solid foundation of values my parents had laid out for me.
William Smith has a tradition of excellence for our students and student-athletes. I was blessed in the richness of my academic preparation as well as in the caliber of coaching and mentoring I received. They were the foundation for my own choices for work and wellness: I taught for 35 years and have mentored many students along the way. I've also maintained my fitness through many activities including swimming, hiking, kayaking, and tennis.
I was fortunate to be among the original group of alums gathered by Mary Hosking to form the Heron Society in 1983 and served on the Board for many years. Since I couldn't afford to contribute much monetarily, giving of my time was a wonderful alternative. As I began looking to retirement, I wanted to do more with my financial support. Deciding to make a gift shared by the general fund and the Heron Society seemed a natural next step.
My strong sense of community and commitment to service were nourished at William Smith and it has been my goal to support the William Smith education and athletic programs ever since I graduated. Now that I'm retired from teaching, I don't have a lot of extra money month to month, after giving modest amounts to my educational alma maters, church, and charities that are important to me. So planned giving seemed an appropriate way to go. William Smith and the Heron Society have been important influences in my life, and this financial plan gives me a way to return that support to a greater degree than I could with my current yearly donations.
Everyone has different circumstances and family members needing support, but I would highly recommend checking into all the planned giving possibilities. Education is the backbone of our society, and I believe it's important to support it in as many ways as possible."
Christie Hayes graduated from William Smith in 1971 with a degree in English. She was a member of the William Smith tennis and swimming teams, and was inducted into the Heron Hall of Honor in 1997. In 2007, Christie was awarded the Mary Hosking Award, which recognizes distinguished former student-athletes for outstanding lifetime achievement in their chosen field. She was a founding member of the Heron Society, and served as the group's president for several years. Christie was also a member of the Hai Timiai honor society, the vice president of her class, and a chairperson on the Big Sister Committee. She continues to swim competitively in the USA Master's Swimming Program, and is one of the top-ranked swimmers in the world for her age group. Christie's brother, William '73, attended Hobart.
Sandra Rivera '85
"I believe that your money is like your vote'you have to put it toward what you really believe in. And I believe in William Smith College. In fact, when I was putting my affairs in order about five years ago, William Smith was the only organization I opted to include in my will because my experience there changed my life.
When I went off to Geneva in 1981, I was one of three siblings in college. There was no way my parents could afford to send us without scholarships and fellowships. To pay for college, I worked several jobs throughout college to make my tuition payments. Even working, I couldn't pay for my education without the scholarships that William Smith offered me. Right off the bat, without really knowing me at all, they took a chance and offered me a wonderful opportunity.
My time in Geneva was transformative. At HWS, I was very fortunate to find good mentors, strong supporters and people who believed in me even when I didn't. My economics professors'especially Professor Bill Waller, former Professors Bernie Lanciaux and Jerry Newsome'and Dean Rebecca Fox all reached out to me and encouraged me to think big about my future.
To be honest, I'd never even considered graduate school. I thought that was something only "superstar students" could do. I was a good student and a hard worker, but graduate school? For me? My mentors didn't give up on me. Bill Waller and Bernie Lanciaux helped me secure my teaching fellowship. That support continued. Later on in my academic career, Bernie offered to review each chapter of my dissertation!
Today, after earning my Ph.D. , I have worked my way up and now have a fairly high-level government job where I help manage an office of Ph.D. and MA level economists that provides expert economic advice to congress and US Trade Representative. I love what I do and have earned the kind of job flexibility that allows me to leave my desk for a couple of hours to go see my son's Thanksgiving celebration in the middle of the day. I feel so fortunate and know I wouldn't be where I am now if it wasn't for my time at the Colleges and my stellar mentors. The support and encouragement I received is why, even today, I continually mentor students, why I have been actively involved in the Alumnae Association and why I decided to make a planned gift."
Sandra Rivera '85 graduated from William Smith with dual majors in Spanish and economics. She earned her Ph.D. in international economics from University of Kentucky and a masters degree from the University of New Mexico. Rivera currently serves as Assistant Director of the Office of Economics at the U.S. International Trade Commission in Washington D.C. She has also served as President of the William Smith Alumnae Council and was a founding member of the Afro-Latino Alum Association. She actively mentors dozens of students and recently started a Toastmasters club in Geneva NY.
Langdon Cook P'99, P'05
"No one likes to think about death or estate plans. Folks put it off or never get around to it. I'd never tell anyone where to direct their funds, but I feel strongly that everyone should at least think about estate planning.
I love my country as much as the next man, but I don't see the value in leaving a large portion of my estate to Uncle Sam when I die. I want my funds to go to those organizations that can use them in a meaningful way, so about 15-20 years ago, I started adding designations in my will for the organizations that are important to me.
Hobart and William Smith have been part of my estate plans for quite some time. Initially, it was an easy decision because two of my sons had a wonderful educational experience there, but over time, my relationship with HWS has only strengthened and my decision has only become easier.
I believe an organization's true qualities come through during difficult times, and that has certainly been true of HWS during the recent financial and budget stress. The way the Colleges' administration, Trustees, faculty, parents and students came together to ensure that HWS would pull through the difficult times really impressed me.
The past couple of years have shown me the true collegiality and spirit of HWS, and it's only made me prouder to be a member of the Wheeler Society. As a member of the Board of Trustees, I know that the Colleges' funds are managed very well. As a businessman, I feel comfortable knowing that, after my death, my funds will be well directed in support of a terrific organization."
Langdon Cook P'99, P'05 is CEO of Gates Capital Corporation, which deals in municipal and government securities. Two of Cook's sons, Whitney '99 and Freddy '05, attended Hobart College. Cook has been a member of the HWS Board of Trustees since 2002 and has been an active member of the Parents Executive Council.
Imogene Bruner Helm '50
"Giving back to William Smith College is a natural thing for me to do because I have a strong loyalty to my College. The quality education I received at William Smith in the years 1946 to 1950 has enriched me my entire life. The study of Western Civilization broadened my outlook then and continues to do so. The professors who designed and taught that 30-hour course'as well as many of my other courses'were giants!
I have made HWS a philanthropic priority annually for more than 20 years. But when I decided to make a larger, planned gift to the Colleges about seven years ago, a deferred charitable gift annuity was the logical option for me. By locking in a future annuity rate then, I was able to secure a very attractive rate for me now'more than 9 percent'while making a significant contribution to the Colleges.
I designated my gift to pre-existing endowed scholarship funds, one named in honor of the late Professor of English Katy Cook L.H.D.'84, and the other named in honor of Professor Emeritus of Music Lindsay Lafford P'65, P'71, L.H.D. '87. I could have directed the funds wherever I wanted, but it was important to me to pay tribute to two individuals who had lasting influence on my life.
Katy Cook was my adviser, and I had tremendous respect for her. As a first year student, I was intimidated by her, but full of admiration. Four years later, I wasn't quite so intimidated, but my high opinion of her had only grown. Lindsay Lafford, I loved dearly. He had a great sense of humor and really nurtured my love of music. Music has sustained me throughout my life; it consoles and uplifts me in times of sorrow and joy. I thank Lindsay Lafford for that.
I chose to defer payment from the annuity for five years, knowing the additional income would serve my needs better at that time. I welcome the modest check from HWS twice a year; it reminds me, each time, of a special place and the extraordinary people I knew in my developing years. I am grateful that I can give back a tangible gift to my College to further the fine education offered to young people of today. "
Imogene Bruner Helm graduated from William Smith in 1950 with a degree in English. She sang in the Schola Cantorum all four years and in St. John's Motet Choir for three years and played flute in the College orchestra. A retired reading teacher and writing instructor, Imogene celebrated 40 years in the Tucson Flute Club in November 2010.
Laura Strickler '94
"A few years ago when I decided to give a portion of my retirement plan to HWS, I figured, if I designate it now, it's already written off as part of my retirement and I won't even miss it.
I work in higher education with budgets and gift restrictions, so I have a unique perspective on how a college works. I appreciate the importance of planned giving for the health of the institution and strongly believe in giving back to support the greater good. Gifts to HWS not only maintain the campus, but they also ensure the reputation of the Colleges and help our degrees stay strong. Gifts made now make sure that future generations of students will have the same access to opportunities and experiences that I had.
The year after graduation, I worked in the HWS Office of Admissions, an experience that connected me even more closely to the Colleges. Part of my planned gift is the 403b I started when I worked at HWS. Basically, I decided to give back what the Colleges gave me that year.
I would recommend to others who are thinking about planned giving to do it early, before you have kids. Carve out a little chunk to give to the Colleges and you'll never miss it."
Laura Strickler '94 graduated from William Smith in 1994 with degrees in English and art history. She was a member of the William Smith Congress. In 2004, she received the Young Alumna Award. She is currently the associate director of the Andlinger Center for Energy and the Environment at Princeton University and is a co-founder of the Princeton Alum Club.
Let's Talk
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If you are working with a professional advisor, or advising a donor, here's a practical guide for including Hobart and William Smith Colleges in a charitable estate plan.
