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Phil Howrigan '57 Gives Back With Gratitude

Phil Howrigan

"The cost of education has gone up, and by including the College in my estate plan, I can help future students afford the same quality education that I received."
—Phil Howrigan ’57

When asked why he gives back to Saint Michael's, Phil Howrigan '57 says, "The cost of education has gone up, and by including the College in my estate plan, I can help future students afford the same quality education that I received." He continues, "We each have a responsibility to recognize all that we've been given by giving what we can, when we can. I greatly appreciated my time at Saint Michael's so when thinking about my legacy, this was the right choice."

With advice from an estate planning attorney, Phil chose a charitable gift annuity (CGA) as the best planned giving vehicle for him. He determined the size of the gift annuity and receives quarterly payments from it. Upon his passing, Saint Michael's will receive the remaining balance to support our students and programs.

Phil credits Saint Michael's for giving him a well-rounded education that taught him to be an independent thinker and learn many different skill sets. He most appreciated the small class sizes, personal interactions and liberal arts focus. Phil fondly remembers classmate Arthur Kirwin, a Dominican priest, and English Professor Jeremiah Durick, for whom the Durick Library is named. Beyond his own experience, the College is also part of his family's legacy. His brother, two uncles and nephew join him in the ranks of Saint Michael's alumni.

Phil grew up in Fairfield, Vermont, and graduated from St. Mary's High School in St. Albans before making his way to Saint Michael's as did most of the young men in his graduating class. He enrolled in the ROTC program and within a year of graduating, went into the Reserve Officer Training as a Second Lieutenant. Phil then returned to Saint Michael's to work in the combined Admissions and Alumni Office while living on the top floor of Founders Hall. He later spent the bulk of his career in publishing, working for Little, Brown & Company in Boston doing marketing and sales.

While Saint Michael's has been a significant part of Phil's past, his gift demonstrates that he cares deeply about the future of his alma mater. His advice for current students is, "Be prepared to be adaptable. No matter what you end up doing, being a part of a community is very important. Know how to get along with other people; know how to help and always give back. Saint Michael's really taught me that."

To learn more about gifts that pay you income or other types of planned gifts, 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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