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Giving

For Patrick "Pat" Dugan '71, Saint Michael's College is Like Another Family!

Dugan When asked what motivated Pat and Karen Dugan to make a planned gift to Saint Michael's College in the form of a bequest expectancy, Pat replied, "The College is so much more to us than an educational institution. It's like another family, and it holds a very important place in both our lives." He continued, "The Saint Michael's experience is something that cannot be measured in terms of cost. It is something to be cherished."

The Dugans acknowledged that the wonderful thing about estate planning is knowing that when you are gone, you're leaving a piece of yourselves behind. A portion of your earnings becomes your legacy and those who come after will profit from your generosity. "It's a way to give back to a place that has given so much to us."

Pat fondly remembers the College as being this wonderful blend of talented individuals making life better for young people. His memories include his classmates, his extraordinarily committed teachers, the behind-the-scenes staff who kept the College running from day-to-day, and the wonderful band of brothers who are the Edmundites.

When asked who were his most influential people on campus, he immediately mentions Fr. Ray Doherty, Prof. Cleveland Williams, and Don "Pappy" Sutton.

Says Pat, "Fr. Ray represents all that is good about priests and the priesthood." He remembers him most on the baseball field, where he worked out with the team and played ball with them. "And Fr. Ray's homilies were always inspirational! Few people can deliver a homily as wonderfully as he does."

Pat distinctly remembers his sophomore year and a constitutional law course taught by Cleveland Williams. He was a unique, well-educated man; a man of substance and character. Professor Williams emphasized that the law must be just and applied fairly. He opened Pat's eyes to the study of law and is the reason he became an assistant district attorney and career prosecutor in the Manhattan District Attorney's Office for 36 years.

Another standout individual for Pat was Don Sutton, who came to Saint Michael's as the cafeteria director. Having to feed hundreds of guys every day was an important job. Before he became known as "Pappy," he was "Mr. Sutton," the dean of men (the College became co-ed in Pat's senior year). "Mr. Sutton" was like an older brother to the guys, with discipline when warranted and a pat on the back when needed. He always had a smile, a joke, or a thoughtful word, and he took a genuine interest in what everyone was doing.

In his retirement, Pat is voluntarily chairing the curriculum committee for the Christopher Wren Association. It is a lifelong learning program with more than 1,400 students, Pat's age, who continue to take courses, both academic and some unique to the College of William and Mary, of which it is part. He also volunteers with Literacy for Life, teaching English to non-native speakers. His student of three years from Vietnam just passed his GED, was admitted to a community college and recently became a U.S. citizen!

When asked what advice he would have for today's Saint Michaels students Pat says, "Take it as slowly as possible and enjoy every minute. Cherish the friends you make because they will be friends for life. Remember the Edmundites, your dedicated teachers, and the staff; all of whom contribute to your education and influence who you will become. Though your college experience lasts but four short years, it will stay with you for a lifetime."

Make Your Impact for Students
If Saint Michael's College has touched your life and you want to ensure that future students can benefit from that same experience, contact Ms. Phung Pham at 802-654-2646 or ppham@smcvt.edu today to explore ways to give a gift that endures.

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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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