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Gift Profile: Jack Abbott '63

Kip and John H. "Jack" Abbott '63"When I arrived at Bowdoin as a freshman from Caribou, Maine, I had never been to the campus before. Other than Fenway Park, Brunswick was the farthest south I had ever traveled! It's amazing to think about how little I knew back then about the place that would have such a central and influential role in the rest of my life.

Bowdoin gave direction to my education and my career, provided mentors who helped me make significant decisions during and after college and was where I met friends who remain among the most important people in my life. Every day since graduation, I have been proud to be a Polar Bear. Since my very first year as an alumnus, I have made it a priority to give back to the college through annual gifts to the Alumni Fund and, once it was established, to the Polar Bear Athletic Fund.

I direct my Alumni Fund gifts to a scholarship fund that was established in memory of my high school and college classmate, Rob Page. The fund provides financial aid to students from northern Maine.

Recently, Kip and I set up a charitable gift annuity at Bowdoin that will benefit Rob's scholarship fund. The gift annuity will provide tax advantages and a fixed income stream to us during our lifetimes. Additionally, we let Bowdoin know that we have included the college in our estate plans.

In all of these ways, I hope to show the college, my fraternity brothers and my classmates just how much they mean to me. Without question, my life and career would not have been nearly as fulfilling without my time at Bowdoin." - Jack Abbott '63

Jack and Kip live in Manchester-by-the-Sea, Mass. After a successful career in investment management that included leadership positions at Bank of Boston, Chase Manhattan and Boston Financial Management, Jack retired in 2008. Finding that he still enjoyed the investment field, Jack established Manchester Strategic Resources, LLC, a wealth management consulting firm. Kip owns Manchester Travel Company, customizing travel plans for her many clients, as well as for herself and Jack. Jack and Kip's daughter, Kelsey, who is also a Bowdoin alum from the class of 2000, and her husband live in Freeport, Maine.

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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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