SUPPORT COLLEGIATE CAMBRIDGE WHILE PROVIDING FOR YOURSELF AND YOUR FAMILY
CAm is pleased to announce that with the expertise of State Street
Global Advisors’ (SSgA) Charitable Asset Management*, you may now
easily establish a Charitable Trust to benefit collegiate Cambridge,
yourself and your family.
A Charitable Remainder Trust (CRT)
provides lifetime income to you and/or your family and significant tax
advantages. You transfer assets to the trust e.g., cash, securities,
real estate, etc. The funding assets of the trust are liquidated and
the proceeds invested. A distribution is paid to you, other
non-charitable beneficiaries, or both, for life or a specified term of
up to 20 years. At your death or at the end of the trust term, the
trust’s assets are transferred to CAm. You may choose a fixed rate of
income (Annuity Trust) or a variable rate of income (Unitrust).
Considered the opposite of a CRT, a Charitable Lead Trust (CLT) allows
you to transfer assets to your family at a reduced tax cost while
benefitting CAm now. After the funding assets are liquidated and
invested, the current annual income payments are paid to CAm. At the
end of the term, the trust distributes all of its assets, including any
appreciation, to you or the beneficiaries you have identified.
On the left hand column of this page, you will find
the 2008 edition of 1209 Notes, which includes details of our
partnership with SSgA.
CAm can also provide a seamless transition should
you wish to convert an existing trust to be administered by SSgA.
Please contact CAm’s planned giving office to begin exploring a
Charitable Remainder or Lead Trust.
*Established in 1984, Charitable Asset Management is a boutique group
within SSgA dedicated to providing a unique combination of gift
planning experience in stewardship, investment management, and state of
the art technology. With over $3 billion in planned giving assets for
more than 25,000 donors/beneficiaries, their staff of 46 planned gift
specialists works with 160 charities, 60 percent of which are
associated with institutions of higher education.† The group’s
in-house tax team is solely dedicated to charitable tax reporting for
its clients and these six professionals have an average of 16 years
charitable trust tax experience.†
† as of March 31, 2008
CONTINUING NEARLY 800 YEARS OF GIVING
Vision and benefaction built the University of
Cambridge, laying the foundation for a remarkable 800 years of history
and creating what is today one of the world’s preeminent centers for
education and scholarship. This philanthropic tradition has given
Cambridge its magnificent architectural and cultural heritage,
supported academics in their field of study, and helped provide the
supervision-based teaching model that is the hallmark of a Cambridge
education. Remembering Cambridge in your estate plans will ensure that
this distinctive collegiate university continues to provide outstanding
opportunities to future generations of talented students and
academics. Moreover, your legacy gift will carry on an eight century
commitment to achievement and excellence.
1209 SOCIETY MEMBERSHIP
Established in 1998, The 1209 Society honors
and acknowledges the many generous donors living in the U.S. who
recognize the importance of Cambridge University and its 31 Colleges
through their estate planning. By including Collegiate Cambridge in
your will, trust or estate plan, you are invited to become a member of
The 1209 Society.
To download the 1209 Brochure, click on the image at right:
* Invitations to special events
* Recognition Certificate
* Annual Newsletter
* Listing in The 1209 Society Roll of Honor
(a leather-bound volume in Cambridge)
WHAT ARE THE BENEFITS OF PLANNED GIVING?
There are various ways to make a lasting and meaningful contribution to
collegiate Cambridge while advancing your financial and philanthropic
objectives. A planned gift can offer significant tax benefits -
substantially reducing capital gains and estate taxes - and/or provide
immediate income to you or a beneficiary. U.S. tax payers wishing to
support their College and/or the University through an estate plan may
do so via Cambridge in America.
For many donors, a bequest made under a will is the easiest way to make
a significant gift to Cambridge. These charitable gifts are 100%
deductible from your taxable estate and may be designed when you create
a new will and/or add a codicil to your existing will. Bequests may be
in the form of cash, securities, real estate, tangible personal
property or other assets. To ensure that your exact wishes are
implemented, Cambridge in America suggests that you seek the advice of
counsel when preparing your will or codicil.
TYPES OF BEQUESTS
Specific bequest – a stated dollar amount or particular asset such as securities, real estate or tangible personal property (e.g. works of art).
Residuary bequest -
a percentage of the remainder of the estate after specific amounts
bequeathed to other beneficiaries have been distributed and
estate-related expenses have been paid.
Contingent bequest – a gift that takes effect only if other beneficiaries predecease you.
Testamentary trust – provides one or more heirs with income for life after which assets pass to Cambridge in America.
Suggested language to include Cambridge in America in your will for a specific bequest:
“ I bequeath to Cambridge in America, a 501(c)(3) nonprofit corporation
organized and existing under the laws of the District of Columbia with
the business address of 100 Avenue of the Americas, 4th Floor, New
York, NY 10013, the sum of __________ [dollars or percentage of
estate], to be used exclusively for its charitable purposes. It is my
hope that these funds will be utilized for the support of [University
or College area desired for support or for general operations, etc.]”*
* Under its charter and in accordance with U.S. tax law, Cambridge in
America may not receive restricted gifts. However, the Board gives
every consideration to donors’ requests when allocating gifts to
Cambridge and its Colleges.
Using your retirement assets as a gift vehicle can be a tax-efficient
way to fund all or part of a bequest to Cambridge in America.
Retirement plans that remain in your estate are often subject to both
estate and income taxes when received by your heirs. You can name
Cambridge in America as the beneficiary of all or part of your plan and
limit this potential double taxation.
Another way to make a future gift is to name Cambridge in America as
the beneficiary of all or part of a new or existing life insurance
policy. Depending on the type of policy donated, you may receive an
immediate tax deduction, and any future premium payments may also be
LIFE INCOME PLANS
A life income gift can benefit both you and Cambridge. You may
increase your income, receive an income tax charitable deduction,
eliminate capital gains taxes, and reduce your estate taxes. At the
same time, you have the satisfaction of making a gift now, while
protecting your financial security.
A Charitable Remainder Trust is
established through an irrevocable transfer of cash, securities, or
real estate and provides you and/or your beneficiaries with lifetime
income with annual payments based on a fixed percentage of the trust’s
value or a fixed dollar amount. After the life interest(s) have ended,
the principal is transferred to Cambridge in America and used in
accordance with your wishes. A charitable tax deduction for a portion
of your contribution is available in the year you make the gift.
A Charitable Lead Trust
is established through an irrevocable transfer of cash, securities or
real estate and provides Cambridge in America with annual income (based
on a fixed percentage of the trust’s value or a fixed dollar amount)
for a specific term of years, usually 10-20. When the trust
terminates, the principal plus any appreciation is transferred to your
beneficiaries. A lead trust may be established during your lifetime or
under your will. You can receive Federal gift and estate-tax deductions
for the value of annual trust payments to Cambridge in America.
Please consult your tax advisor as to which planned gift program best meets your financial and philanthropic goals.
For further information on The 1209 Society or planning a gift to Cambridge, please contact Eliza White:
Director, Major Gifts & Planned Giving
292 Madison Avenue, 8th Floor
New York, NY 10017
Tel: (212) 984-0966