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Where the Legacy Began

Bill ’72 and Mary Fran Driscoll Generously Support Family Scholarship In Honor of 50th Reunion

Bill and Mary Fran Driscoll

Bill ’72 and Mary Fran Driscoll

By Carla Francis, Development and Gift Planning Officer

If you ask Bill Driscoll ’72 what sets Saint Michael’s College apart from other colleges, he’ll tell you that it’s the opportunity to expand outside of the classroom. While a business management degree guided his career path, involvement outside of the classroom—notably student government and the Crown and Sword Society (now known as the Founders Society)—were crucial to his personal development.

Now retired from a position as the corporate vice president of the General Electric Silicone Division and celebrating 50 years since graduation, Bill is in a prime position to reflect on what has led to his success.

In honor of his 50th Reunion, Bill and his wife, Mary Fran, have made a significant commitment to the family scholarship fund. Established several years ago in memory of his parents, William and Mary, the Driscoll Family Endowed Scholarship supports students affiliated with both the Massachusetts state troopers and the United States Armed Forces.

Bill and Mary Fran decided on a blended gift—one that benefits Saint Michael's College both immediately and long term by pairing an outright gift with an estate gift. Having reached the age where required minimum distributions (RMD) from IRAs are mandatory, they will donate the distributions from one policy for the next five years directly to Saint Michael's College via a qualified charitable distribution.

In addition, they made the College the primary beneficiary of the same IRA. They avoid counting the RMDs as income, create an annual tax advantage and know that Saint Michael's College is investing 100% of the distributions into the family scholarship. When the time comes, the remainder will be donated to the family scholarship, creating a legacy of investing in student education.

As the first of many family members to attend Saint Michael's College, Bill has seen the Driscoll family legacy grow over the years. They count seven alumni among their extended family, nine including in-laws: Bill ’72, Tommy ’73, Amy Driscoll Gredler ’05 (Scott ’04), Christine Driscoll Simoni ’08, Alana Driscoll McGrath ’10 (John ’10), Meghan Driscoll Harvey ’10 and Daniel ’12.

The family connection to Saint Michael's College goes even further, as Bill and Mary Fran met through a St. Mike’s connection. During a study abroad year in Rome, Mary Fran roomed with Mickey Dalton, the future wife of Bill’s good friend, Mark Dalton ’72. When Bill’s job transferred him to Chicago, the Daltons introduced the couple. Forty-two years of marriage and two children later, Billy III and Brendan, the rest is history.

With his 50th Reunion coming up in June, Bill is most looking forward to seeing his classmates on campus. A driving force behind the Reunion effort as the Fundraising Committee Chair, he and his team are working toward being the first class in Saint Michael's College history to raise $1 million and reach 50% participation. With the amount of time, thought and effort they are dedicating to their Golden Knight Reunion, they are well on their way to securing this legacy.

To learn how you can easily create a legacy of support for students at Saint Michael's College with a gift in your estate plan, contact Carla Francis at 802-654-2618 or cfrancis@smcvt.edu today.

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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.

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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].”

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the price a willing buyer and willing seller can agree on

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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.

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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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