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Edmundite Compassion Inspires Alumnus to Give Back

By Carla Francis, Development and Gift Planning Officer

Pete Swannell

Pete at Rizal Park in Manila

When Pete Swannell '70 decided to include charitable giving in his estate plan, "Saint Michael's jumped right to the front of the line." A strong belief in the liberal arts and his gratitude toward the Edmundites for their support during a family tragedy led Pete to designate a planned gift to the College. The dual goals of his gift are to have a lasting impact on the quality of education at the College and to encourage others to give.

Academics have always been important to Pete, who majored in business administration at Saint Michael's. Two members of the faculty who had a particularly lasting impact were accounting professor George Fortune, CPA '40, and professor F. Joseph Amhrein, Ph.D. who taught economics. Fortune's courses taught accounting skills without which Pete "really would have had to dance" in later job interviews where role play exercises required candidates to prove their knowledge of accounting on the spot.

"A liberal arts education lends itself to adaptation for many career fields. It provides a foundation in many disciplines and allows graduates to adjust to new opportunities," Pete explains, using his career as an example. He spent more than 30 years working for AT&T and its subsidiaries: first at New Jersey Bell Telephone Company, next at the parent company when the "Baby Bells" were divested, and lastly at Lucent Technologies, which was formed from AT&T's equipment division.

Dr. Amhrein's lessons sparked Pete's interest in investments, which became a lifelong pursuit. He learned the value of investing yearly in his 401(k), which was rolled into an IRA when he retired. Three separate estate lawyers advised Pete that making Saint Michael's the beneficiary of this IRA was the smartest way to give to the College, since its non-profit status will relieve it from paying taxes on the distribution. In addition, Pete designated the College as the residuary beneficiary of his estate, which allows him to remember his heirs first while supporting his alma mater with remaining funds.

In addition to the curriculum, the Edmundite community's impact on students is a driver in Pete's decision to give back to St. Mike's. When Pete was home for Easter break as a sophomore, his father passed away from a heart attack. Fr. Ray Doherty '51 and Br. Richard Berube '66 (now Fr. Berube) went to New Jersey for the funeral to support the Swannell family. Pete's mother later shared with him that Fr. Ray pulled her aside to offer the Edmundite's financial assistance in the event that her husband's passing would prevent Pete from completing his education. While tuition funds had already been set aside by Pete's parents, the compassion shown to his family has not been forgotten.

As for extracurricular involvement, Pete describes packed basketball games played in downtown Burlington at Memorial Auditorium. The crowds were "wild and enthusiastic" and the fans were "right on top of the court" in the small auditorium. For Pete, skiing at Glen Ellen, where students received a steep discount, enabled him to hone the Alpine skills that he used for 50 years. Editor's note: Saint Michael's students still ski the same mountain (now Mt. Ellen under Sugarbush Resort) through the College's Ski and Ride Program.

Since retirement, Pete has dedicated much of his time to exploring the world—four to five months of the year—outside of the United States. A man who has always lived within his means, he frequently travels to places where the dollar is strong, such as Asia and South America. Attentive to experiencing local traditions and cultural highlights, Pete has fostered friendships across the globe that continue to enrich his retirement years.

While Saint Michael's is an important part of Pete's history, his gift is geared toward the future excellence of the College, its students and the lives they will lead after graduation. His advice to students and young alumni is this: "Don't be afraid to get out of your comfort zone. It's important to constantly learn new skills and be able to adapt to new situations. Develop a wide range of skills and constantly update those skills." As a lifelong learner, Pete's experiences speak to the strength of this advice.

Support What Matters Most to You

Like Pete, you can recognize the impact Saint Michael's had on your life by making a future gift. Contact Carla Francis 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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