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Giving to a 'Special Place'

Jennifer Crane '05

Jennifer Crane '05 has named Bowdoin a beneficiary of her retirement plan.

Jennifer Crane '05 knows a thing or two about giving back. An anthropology major who graduated cum laude from Bowdoin, she has worked across the field of education. She's taught Spanish, has worked in admissions at an independent school and is currently Dirctor of 50th Reunion Giving at Bowdoin. In addition to her staff role at Bowdoin, Jennifer is a class agent for 2005, and a BASIC and BCAN volunteer.

Learning about the various ways to support her alma mater through her job inspired Jennifer to think creatively about ways she could give back and informed her decision to name Bowdoin the sole beneficiary of her retirement plan. It was as easy as contacting her plan administrator and updating the beneficiary form.

"Bowdoin will always need support from alumni. I don't currently have the means to make a large gift, but by naming Bowdoin as the beneficiary of my retirement account, I can easily set aside a pool of money for Bowdoin in the future without putting a strain on my current financial resources."

Jennifer has designated her gift to the Peary-MacMillan Arctic Museum, ensuring that she'll continue to support a part of campus about which she feels passionate. She also contributes to the Alumni Fund and the Polar Bear Athletic Fund each year through a Sundial Circle recurring gift.

"Bowdoin is a special place. It's important to me in so many ways—as an alumna, a volunteer and an employee. By setting things up this way, I've diversified my means to contribute to Bowdoin's long-term success."

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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, [name], of [city, state, ZIP], give, devise and bequeath to Bowdoin 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 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 receive an immediate federal income tax charitable deduction. 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 receive an immediate federal income tax charitable deduction. 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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