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A Lasting Legacy from Judy and Bill Hazen '52

Judy and Bill Hazen '52William H. Hazen '52 didn't leave Bowdoin behind when he left campus in 1952. Rather, the College became an integral part of the lives of Bill, his wife Judy, and their family for the next fifty years. Until his death in 2001 at the age of seventy, Bill opened his heart, mind and home to the College and its people.

After majoring in economics at Bowdoin, Bill departed for the rigors of Harvard Law School. During the Korean War, he served with the U.S. Seventh Fleet as a naval officer. Bill later joined the investment firm of J. & W. Seligman & Co. in New York, eventually serving as a managing director of the firm. Bill's leadership roles extended to a wide variety of civic and community organizations, including his Brooklyn Heights church, Trout Unlimited, a national conservation organization, and the Anglers Club of New York.

Bill was always particularly loyal to Bowdoin, however, and grateful for the opportunities Bowdoin made available to him. He received ample scholarship support from the College, and he repaid it generously in many ways. He served on the Board of Trustees from 1981-2001 (including a term as President of the Board of Overseers), as President of the Bowdoin Club of New York, and as a member of the Alumni Council. He served as national chair of the Campaign for Bowdoin from 1984 to 1989, and received the Alumni Service Award in 1991.

Just as importantly, Bill and Judy made Bowdoin people part of their lives. Bill was a consummate host, and always made a Bowdoin person feel welcome in his home or city. Judy recalls hosting a large Bowdoin Glee Club crowd in their tiny Greenwich Village apartment soon after their marriage. In Judy's words, "his commitment to Bowdoin was powerful in every possible way."

Bill first made this commitment tangible by establishing a scholarship fund in his name in 1973. Since his Bowdoin education was made possible by financial aid, Bill understood and advocated for the importance of scholarships. In addition, he and Judy considered Bowdoin's needs when making estate planning decisions. To this end, Bill designated a generous portion of his individual retirement plan benefits to the College. This gift was received by the College after his death and is being used to support the William H. Hazen Scholarship Fund.

Bill Hazen enjoyed many things: his family, work, neighborhood, fly fishing, and college. Bill never got over his Bowdoin experience. And for this, the College and its people are grateful.

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A charitable bequest is one or two sentences in your will or living trust that leave to Bowdoin 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 to Bowdoin College, a nonprofit corporation currently located at 4100 College Station, Brunswick, ME 04011, or its successor thereto, ______________* [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 a charitable account sponsored by a public charity that donors use to support their philanthropy.

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.

A lead trust holds appreciating assets for a term of years (or for your lifetime), and makes quarterly or annual payments to Bowdoin College. The College benefits from the stream of reliable, steady gifts from the lead trust, and you're able to witness the impact of your gifts during your lifetime. At the end of the trust's term, all remaining trust assets are distributed to your designated beneficiaries with greatly reduced (in some cases zeroing out) gift and estate tax, regardless of how much the trust has grown.

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 Bowdoin 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 Bowdoin 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 Bowdoin where you agree to make a gift to Bowdoin 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.

With a retained life estate, the donor(s) irrevocably deeds a personal residence or farm to the College, but retains the right to live in it for the rest of his/her life, a term of years, or a combination of the two. The term is most commonly measured by the life of the donor or of the donor and the donor’s spouse.

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