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Chance Encounter in the Northeast Kingdom Leads to Reconnection for Purple Knight

Michael J. Ready Endowed Scholarship to Continue a Legacy of Supporting Students

By Carla Francis
Development and Gift Planning Officer

Michael and Gerry Ready

Michael ’58 and Geraldine (Gerry) Ready

Michael ’58 and Geraldine (Gerry) Ready are quick to explain, “Had it not been for our college educations, life as we know it would not have been possible.” Tuition costs were difficult for Michael and his family, but through scholarship support and by working on campus he managed to graduate in four years. Now retired to the Sunshine State after successful careers in New York City and North Dallas, Texas, Michael and Gerry are finding opportunities to give back to Saint Michael’s “a small part of what it gave to him.”

Through their estate, the Readys will establish the Michael J. Ready Endowed Scholarship Fund to pay forward the support Michael received as an undergraduate. At Saint Michael’s, more than 90 percent of undergraduates receive financial aid, so the Readys understand scholarship support remains crucial to student success. Reflecting on the life he has built since earning his degree, Michael understands what it means to have someone invest in one’s education and the opportunities that their investment provides.

Edmundite Mentor Inspires Decision to Give Back

To help pay his way through college in the 1950s, Michael took a job in the campus library, then under the leadership of Head Librarian Fr. Vincent Maloney, S.S.E., ’35 and Assistant Librarian Joe Sullivan. His experiences at work and on campus helped him develop his direction in life, where he eventually rose to become the Director of the Information and Research Center at the accounting firm Peat, Marwick, Mitchell & Co.—now KPMG in New York City.

As an alumnus, Michael stepped away from Saint Michael’s for many years but kept in touch with a fellow Michaelman and childhood friend, the late John Carbonneau ’51, and his wife, Elaine. On a visit to the Northeast Kingdom with Elaine to inter the ashes of both John and of Michael’s brother Jim in their native Vermont soil, the Readys had a chance connection with his alma mater. After the interment ceremony, a friend of the Carbonneaus and since-retired gift planning officer Kathie Berard M’96 invited them to campus for a tour.

During the tour, the couple quietly noticed that Durick Library’s Archives Research Room and its archives storage system were in great need of renovation. According to Gerry, their eyes lit up and plans for improvement were made: Research is now conducted in a beautifully renovated Archives Research Room and historic documents are accessed via state-of-the-art moveable book shelves. If you look closely, you’ll find a photo of Michael’s mentor with an inscription that reads “In Memory of Reverend Vincent B. Maloney, S.S.E, ’35, Mentor and Friend.”

Estate Plans Recognize, Honor the Past

With their mark permanently left on Durick Library, Michael and Gerry have decided to focus the impact of their estate giving on scholarship recipients. As a couple who has created a scholarship not only at Saint Michael’s College but also at Gerry’s alma mater (Truman State University), they advise alumni who are considering an estate gift to the College to “do it now.” They explain, “Plans can change, but a commitment now can ease decisions later.”

Michael and Gerry’s thoughtfulness toward the future, informed by the importance of the past, ensures a strong future for Saint Michael’s College and for its hardworking students. You too can make a difference for Saint Michael's students with a gift in your estate plan. Contact me 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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