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Planned Giving

Generosity, Undisclosed

Davidson College

"Can't you just call me an old guy from the class of '39?"

Yes, an old guy from the Davidson College class of 1939 is letting us tell his story, but only if we keep his name under wraps. So, we'll call him Chambers.

Chambers loves Davidson. It's a place his dad attended, he attended and his son attended. His wife's dad and uncles all attended. He calls it "a family place."

Calling Houston home, Chambers had a house in Halifax, Va., for many years. After his son moved away, he and his first wife, now deceased, no longer had a reason to have a home there.

"I served on the Davidson Board of Trustees for 12 or 13 years, and a fellow board member invited me to visit Montreat, N.C., one weekend. We loved it so much, we bought a house there the following Monday and used it as a summer place."

Years after Chambers' wife passed away, he married a lady who had a place in Montreat, as well, and they used his place as a guest house. They decided to give the home to Davidson in the late 1990s but retain life usership, meaning they could continue to have guests stay there and use it as they please until they pass away.

"Now that we're getting older and not coming to Montreat as often," Chambers said, "we decided to break that agreement and hand over the house entirely to Davidson last year."

Although this type of gift is not the typical practice often detailed in literature about planned giving, it is an excellent and tax-effective way to support Davidson.

In addition to service on the Board of Trustees for many years, Chambers has volunteered for many of his class reunions as well as for previous college-wide fundraising campaigns. He also served as a member of the search committee that brought President emeritus, John W. Kuykendall '59, back to Davidson.

Chambers is a very real part of Davidson—its history, its present and its future—even if we can't share his real name.

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A charitable bequest is one or two sentences in your will or living trust that leave to Davidson 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

Bequest Language

I, [name], of [city, state ZIP], give, devise and bequeath to Davidson College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.

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 Davidson 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 Davidson 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 Davidson 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 Davidson where you agree to make a gift to Davidson 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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