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Leading by Example: A Matter of Policy

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Rit and Nancy DiVenere

By Mark Tarnacki

Rit DiVenere '67, who worked 38 years in the Saint Michael's College development office before retiring last year, recently practiced what he long preached by making a $10,000 insurance gift to support scholarship and honor a friend.

It's hard to imagine a better example for smart philanthropy, as Rit's gift optimally benefits the College and his family. In a January 2012 letter to his 1967 classmates about their coming reunion gift, Rit, former vice president for institutional advancement, explained the particulars of his insurance gift:
"On Dec. 31, 2011, I celebrated my one-year retirement anniversary from Saint Michael's College. ...During that time, I helped move the College forward through major gifts for construction, endowed chairs, equipment, internships and scholarships. You can imagine how surprised I was when, at my retirement, friends and colleagues established the DiVenere Family Scholarship. I was greatly honored because my wife and children are all graduates AND because scholarship was the singular program that both challenged and excited me as a development officer.

"As you may know, I was not a good student, but my friend and roommate Vito Angelillo was stellar. Before he died, we talked about creating a joint scholarship at a future reunion. Since that will not be a reality, Nancy and I decided that the DiVenere Family Scholarship should be awarded in honor of Vito.

"When the time came for my '67 reunion gift, Nancy and I agreed that we wanted to do something special for our scholarship. Money was tight but I had an old insurance policy that had grown to $10,000. We met with our insurance agent and Saint Michael's Director of Planned Giving Susan Moses. Because I named the College both owner and beneficiary of the policy, I am eligible for a tax deduction for this gift."

A few points about Rit's gift might resonate with you. With a gift from your estate, you can: Honor something personal to you. A gift to the College can be a concrete and fitting memorial to something deeply personal from your own life and formative years, as was the case with Rit and Nancy's gift, which honors Rit's close friend Vito.

Vito was Rit's pal since grade school and they grew up together, attending Catholic schools in Bristol, Conn., before coming to college and rooming together all four years. They stayed close right up until Vito's death in 2005, even after Vito went off to medical school and a long career as a physician. Suggesting that the DiVenere Family Scholarship benefit a science student was a direct tribute to Rit's friend. The College can help you tailor a gift to impact what's most important to you as well.

Pay it forward. Rit also expressly links the scholarship aspect of the gift to the wonderful experiences his wife and children all had as Saint Michael's graduates. Frequently our benefactors mention their desire to "pay forward" in this way all that they received in life from their days as Saint Michael's students.

Obtain tax benefits. Other factors to consider are the potential tax benefits from planned gifts, which are not insignificant, depending on specific financial and life circumstances. Insurance or estate gifts allow you to make the statement of a tangible commitment to the College without an immediate impact on your family's cash flow in these challenging economic times.

Which Gift Is Right for You?
Carla Francis will be glad to give you more information on all these possibilities. Contact her at 802-654-2618 or cfrancis@smcvt.edu to learn more.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

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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