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Giving

Saint Michael’s Experience Sparks Fire and Rescue Alumni to Create Estate Gift

Colin and Jessica Shea

The Sheas worked with their financial advisor to ensure their loved ones and Saint Michael’s will be taken care of in their estate plan.

As alumni Colin ’02 and Jessica ’04 Shea settled into their careers, their attention turned to their long-term financial future. With overarching goals in mind, they met with a trusted financial planner who asked them, “Do you want to include charitable giving in your estate plans?”

Saint Michael’s Experience Bolsters Careers

Colin (religious studies/computer science) and Jess (biochemistry) have stayed well-connected with the College since graduation, particularly with Fire and Rescue, of which they were both members. They lived in the Burlington area for several years after graduation, and although they now live in Maine, they still visit campus every year for the annual Fire and Rescue banquet. They look forward to catching up with old friends and meeting the current student members. For the Sheas, who enjoyed meeting local alumni when they were undergraduates, the student to alumni experience has come full circle.

Reflecting on how their campus experience has stuck with them, they emphasize how happy they were with their choices to attend Saint Michael’s. As the EMPROVE® Program Manager at MilliporeSigma—where she manages the portfolios for filters, single-use and chromatography products—Jess cites the College’s emphasis on diversity, travel and understanding of global cultures as crucial to her career success in the biotech industry. To explain, she describes a typical workday where she connects virtually with colleagues in India and Germany in the morning, colleagues in the US around midday and in Asia in the evening.

Colin credits the College with instilling the value of passing on knowledge and diverse communication skills both verbal and written. As a full-time Captain of Falmouth, Maine, Fire-EMS and a part-time senior staff instructor with the N.H. Fire Academy, these values hold particularly true. And as former Fire and Rescue members on campus, they both credit this experience with teaching them to operate under stress while maintaining the ability to make decisions.

Remembering Saint Michael’s in Their Estate Plan

The impact that the Saint Michael’s experience has had on their lives is apparent to Colin and Jess. From leadership opportunities in the Fire and Rescue community, to encouragement from the College to experience international culture, to curriculum and faculty relationships, they want to ensure that future generations of students have the opportunity to succeed on campus and beyond.

Through conversations with their financial planner, the Sheas discovered that they could provide for loved ones while still including charitable giving in their estate plan. They chose to set up a living trust for the protection it gives to a surviving spouse, the beneficial tax implications to the beneficiaries and because of the clear beneficiary structure. Choosing Saint Michael’s College as a beneficiary was an easy choice, as was designating a portion of their gift to Fire and Rescue.

To others who are considering an estate gift, they recommend finding a financial/estate planner who listens to your goals and works with you to accomplish them. They see estate planning as a total package for financial health, and one that allows them to provide for loved ones while still having a meaningful impact on local charities and on their alma mater.

Like the Sheas, you can protect your loved ones and make a difference for future Saint Michael's students with a gift in your estate plan. Contact Carla Francis at 802-654-2618 or cfrancis@smcvt.edu to learn more.

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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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