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Giving

A Legacy of Giving

Carl and Joyce Roof

Carl '68 and Joyce Roof

While working on their will and putting together a living trust, Carl '68 and Joyce Roof discussed the distribution of their estate to family and deserving non-profits. "Because of our belief in Saint Michael's and the educational opportunities it offers, we wanted to do something substantial in addition to our annual gifts. Including the College in our trust was the best way to accomplish this," says Carl.

Carl credits Saint Michael's for the person he is today, saying "my liberal arts education broadened my view of the world, gave me a thirst for knowledge and introduced me to a wide range of new cultural experiences."

Carl believes that a college education, especially in the liberal arts, is a lifelong gift. He says, "The value lies in what you do with that education and what kind of person you become as a result of it. I learned many things at Saint Michael's, but most importantly I gained an insight into my rather rigid social views of the time and moved both spiritually and intellectually toward a more empathetic and caring view of the world."

His time at Saint Michael's helped shift Carl's interest toward human service work and led to his eventual career in that field in Vermont. Carl became a pioneer in the effort to establish local restorative justice practices, working with other corrections, judicial and law enforcement officials, to help Vermont move toward a successful and more community-based approach to conflict and criminality. Concurrently, he had a second career with the U.S. Army Reserves training new recruits in basic training and retired after 29 years of service with the rank of Lieutenant Colonel.

When asked about the people that made his Saint Michael's experience memorable, Carl acknowledges the "wonderful lunch ladies who challenged us to behave as adults in the cafeteria," Father Nelson "Zippy" Ziter who was there to listen and offer advice, and Professor Ed Pfeifer who whetted his interest in history. Carl also fondly mentions classmates Tom Ford '68 and Ed Boutin '68 and their memorable cross-country hike from campus to the top of Mount Mansfield.

When asked what advice he has for current students, Carl says, "The things you learn from classmates socially are often as important as those things you learn in the classroom, and in many cases, are more useful to you throughout your life."

Both Carl and Joyce, a Trinity graduate, have strong ties to the Saint Michael's community. Joyce remembers coming to Saint Michael's with her dad, Ed Lewis, in the late 50s to watch Y.A. Tittle and the New York Giants when they held their summer training camps at the College. Her love of Saint Michael's basketball comes directly from her Dad's part in establishing a booster club for the team in the early 60s.

Carl concludes that "having benefitted from all that the College has to offer and having two sons who went to Saint Michael's, it is only natural that we want to give back."

Joining the ranks of the Golden Knights with the Class of 1968 at Reunion this coming June, Carl encourages his classmates to make a planned gift in honor of their 50th Reunion, which will count toward the class gift.

To learn more about the different ways you can give to support Saint Michael's, please contact Ms. Phung Pham at 802-654-2646 or ppham@smcvt.edu.

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Learn What Matters

A charitable bequest is one or two sentences in your will or living trust that leave to Saint Michael's 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 give, bequeath, and devise to Saint Michael’s College, an educational organization established by law at One Winooski Park, Box 256, Colchester, Vermont 05439, whose Federal Tax ID number is 03-0179403 [here follows the dollar amount or percentage of the gift, or an accurate description of the securities, insurance policies, retirement funds, or the amount or percentage of the residual estate, or the real estate or other assets given].”

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 Saint Michael's College 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 Saint Michael's College 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 Saint Michael's College 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 Saint Michael's College where you agree to make a gift to Saint Michael's College 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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