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  5. Frederick and Elizabeth Barrett

Family Commitment Inspires Gift

The Barrets with group of other people

Members of the Barrett family with President Lorraine Sterritt

Dr. Frederick C. Barrett ’43 and Elizabeth Barrett chose to leave a lasting legacy by giving back to Saint Michael’s. Inspired by their commitment to family, the Barretts wanted to do what they could to help other families who worry about the cost of sending their children to college.

Dr. Barrett was grateful to his parents and Saint Michael’s for supporting his education. He kept a 1943 letter from Father Daniel Lyons to his mother stating: “We realize only too well the hardships and inconvenience you suffered in keeping Fred at St. Michael’s these last four years…On our part, we were happy to do our bit in helping a good cause along. We trust that Fred will be successful in his chosen field, and we have every reason to believe that he will. Perhaps at some future date, when Fred is well established, he might remember Saint Michael’s in some way or other.”

After his graduation from Saint Michael’s in 1943, Dr. Barrett went to medical school and completed his residency in Massachusetts. With the spirit of giving back, Dr. Barrett and Mrs. Barrett made a commitment at his 50th reunion to support Saint Michael’s and established a scholarship after he retired from 50 years in medical practice.

Dr. Barrett and Mrs. Barrett generously left a $100,000 gift in their will to fund an unrestricted scholarship after their passing. Their legacy gift provides students and families, for generations to come, the opportunity to receive a world-class Saint Michael’s education. It was also their hope to use this gift to challenge others to give back to Saint Michael’s. The College is deeply grateful to the entire Barrett family for helping to bring their parents’ gift to life and solidifying their legacy at the College.

Join Dr. Frederick C. Barrett and Mrs. Elizabeth B. Barrett in answering the charge to do good with your legacy gift and help write the next chapter in the college's history.

For information on how to make your legacy gift, contact Carla Francis at 802-654-2618 or cfrancis@smcvt.edu.

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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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