Gifts from Your Will

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Bequests to Middlebury

Include a bequest to Middlebury in your will. You can make your bequest unrestricted or direct it to a specific purpose. You may even indicate a specific amount or percentage of the balance remaining in your estate.

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Benefits

• Your assets remain in your control during your lifetime.
• You can modify your gift to address changing circumstances.
• You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
• Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.

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Planning Tip

If you express your gift as a percentage (e.g., "20 percent of the residue of my estate"), you can maintain the same relative gifts to charities and your heirs, regardless of changes in estate value. If you're considering designating your gift for a specific purpose, such as a scholarship fund, or support for a specific department, contact us to ensure that we understand your wishes.

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Sample Bequest Language

You may wish to share the following sample language with your attorney:

Unrestricted bequest

"I give (a specific dollar amount/a specific asset, or percentage of the rest, residue, and remainder of my estate) to Middlebury College, the charitable, tax-exempt organization located in Middlebury, VT, for its general purposes."

Bequest for a specific purpose

"I give (a specific dollar amount/a specific asset, or percentage of the rest, residue, and remainder of my estate) to Middlebury College, the charitable, tax-exempt organization located in Middlebury, VT, to be used for the following purpose: (state the purpose)."

NOTE: If you wish to restrict your bequest to a specific purpose or program at Middlebury, please contact the Office of Gift Planning in advance to assure that the language you include will accomplish your wishes and align with the College's needs.

Endowment funds for a restricted purpose

If your bequest will be used to establish an endowment fund for a restricted purpose, we recommend that you and your counsel consider adding a "saving clause" to your bequest provision. A "saving clause" is a way to ensure the usefulness and relevance of your bequest in the future as the College's needs and priorities change. For example:

"If, in the future, it is the opinion of the President and Fellows of Middlebury College that all or part of the income of this fund cannot be usefully applied to such purpose, it may be used for any related purpose which, in the sole opinion of the President and Fellows of Middlebury College, will most nearly accomplish my wishes."

Download a Guide to Giving in Your Will
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Beneficiary Designations from Retirement Accounts and Other Funds

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Beneficiaries of your Retirement Plan or your IRA

Designate Middlebury as a beneficiary of part or all of your qualified retirement plan or your IRA. Normally the assets held in an IRA or qualified retirement plan will be subject to both income tax and estate taxes, but if you name the College as a beneficiary of a percentage (or all) of your plan, that portion will pass to Middlebury free of income or estate taxes.

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Payable on Death Bank Account Designation

Designate your bank account to be payable on death (P.O.D.) to Middlebury when you die. There is no change in ownership, control, or benefit from this account while you're still alive. The payable on death designation takes effect only when you die, and causes whatever funds that are in the account to go to Middlebury at your death.

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Transfer on Death Brokerage or Investment Account Designation

Designate your brokerage or investment account to be transferable on death (T.O.D.) to Middlebury when you die. It's not necessary for the T.O.D. designation to transfer all of the account solely to Middlebury. You can designate percentages of the account to pass to additional beneficiaries. To set up the T.O.D. endorsement, contact your investment advisor and provide the instructions regarding the change.

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Make Gifts to Middlebury

Download Steps to Making a Beneficiary Gift Download Donating Retirement Assets
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Gifts That Pay You Income

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Fixed Payments for Life

A Charitable Gift Annuity allows you to gain the security of fixed payments for life, receive a tax deduction for a portion of your gift, and make a gift to Middlebury that you may not have thought possible.

Learn More  

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Fixed Payments for Later

If you don't need income right away, you can obtain both a higher payout rate and a larger charitable deduction by establishing a deferred charitable gift annuity. A deferred gift annuity allows you to receive a fixed income for life that begins when you need it, and receive a tax deduction for a portion of your gift to Middlebury.

Learn More About Flexible Gift Annuities

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Variable Payments that can Grow

Charitable remainder trusts allow you to make a gift of cash, stock, or real estate to Middlebury, receive a tax deduction for a portion of your gift, and receive variable income from your unitrust for life.

Learn More About Charitable Remainder Unitrusts

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Gifts of Appreciated Assets

Gifts of Publicly Traded Securities

Giving publicly traded shares of stock, bonds or mutual funds to Middlebury allows you to turn an appreciated asset into support for students and faculty.

Learn More

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Gifts of Closely Held Stock

Own your own business? It's also possible to give closely held stock to Middlebury.

Learn More

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Gifts of Personal Property

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Gifts of Real Estate

Using real estate to make a gift allows you to turn an asset into support for students and faculty at Middlebury, receive a charitable income tax deduction, and potentially avoid paying capital gains taxes.

Learn More about Gifts of Real Estate

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Gifts of Retained Life Estate

A retained life estate allows you to make a gift of a personal residence or farm to Middlebury, receive a tax deduction for a portion of your gift, and continue to use your property while you are still alive

Learn more about gifts of retained life estate
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Gifts of Life Insurance

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Make Middlebury a beneficiary of your life insurance

Making a gift of life insurance allows you to transfer ownership of a paid-up life insurance policy to the College. Middlebury elects to cash in the policy now or hold it.

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How You Benefit from a Gift of Life Insurance

• Make a gift using an asset that you and your family may no longer need.
• Receive an income tax deduction equal to the cash surrender value of the policy.
• You may be able to use the cash value of your policy to fund a gift that delivers income, such as a planned gift annuity.

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Gifts through your Donor Advised Fund

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Donor Advised Fund

Designate the College to receive all or a portion of the balance of your fund through your fund administrator (you can also make a grant to us at any time from your donor advised fund). The balance in your fund passes to Middlebury when it terminates.

What is a Donor-Advised Fund (DAF)?

A donor-advised fund, or DAF, is a philanthropic vehicle established at a public charity. It allows donors to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. If you have a donor advised fund with Fidelity Charitable Gift Fund or Schwab Charitable, you can use the DAF Direct link below to recommend grants to the President & Fellows of Middlebury College.

How a Donor-Advised Fund Works

1. You make an irrevocable contribution of personal assets.
2. You immediately receive the maximum tax deduction that the IRS allows.
3. You name your donor-advised fund account, advisors, and any successors or charitable beneficiaries.
4. Your contribution is placed into a donor-advised fund account where it can be invested and grow tax-free.
5. At any time afterward, you can recommend grants from your account to qualified charities.

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How You Benefit

• You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
• Maintain flexibility to change beneficiaries if your needs change during your lifetime

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Gifts Through Trusts

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Grantor Charitable Lead Trusts

A grantor charitable lead trust allows you to give an annual income to Middlebury, receive a charitable income tax deduction, and retain the trust principal when the trust's term ends.

Download A Grantor Charitable Lead Trust

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Charitable Remainder UniTrusts

A charitable remainder unitrust allows you to donate cash or appreciated assets and receive annual payments as a fixed percentage of the trusts value. When the value of the trust increases, so do your payments and your gift to Middlebury. Your donation qualifies for an immediate tax deduction, and the assets in the trust are exempt from capital gains taxes.

Download a Guide to Establishing a CRT

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Flip UniTrusts

A flip unitrust allows you to donate illiquid assets like business interests or assets earning little or no income like real estate to receive an immediate tax deduction, and allow the value of those assets to appreciate in the trust tax free. When they are sold, the trust 'flips' to a conventional charitable remainder unitrust and income payments to the beneficiary begin.

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Family Trust

A family trust is also called a charitable lead trust because the charity takes the 'lead' in receiving income for a period of time with the remaining assets going to the donor's family when the term of the trust expires. The donor receives an immediate tax deduction for their gift, and the assets that pass to the family.

Download a Guide to Establishing a Family Trust
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Make a Tax-Free Gift from Your IRA

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Make a Tax-Free Gift from Your IRA

If you're 70 ½ or older, each year you can instruct your IRA administrator to transfer up to $100,000 directly to Middlebury and avoid paying the tax had you taken it as income.

An IRA Rollover allows you to make a gift to Middlebury directly from your IRA, pay no taxes on the transfer, and the gift may count toward your required minimum distribution.

*Note that under the Secure Act 2.0, the age at which you are required to make minimum distributions (RMD) was raised to age 73 for individuals born between 1951 and 1959, and age 75 for those born in 1960 or later.

Learn More About Tax Free IRA Rollover

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How You Benefit

A charitable IRA rollover makes it easier to use IRA assets, during lifetime, to make charitable gifts.

• Your gifts count toward your Required Minimum Distribution but do not count as income for federal income tax purposes.
• If you've already used up your charitable deductions or don't itemize your deductions, you can still make gifts through tax-free IRA transfers.
• You can use tax-free IRA rollovers to make any kind of outright gift, including:
  • Annual Fund gifts
  • 50th Reunion gifts
  • Pledge payments
  • Gifts to scholarships or other endowed funds
  • Create a Life-Income gift

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Maximum Gift

An individual taxpayer's total charitable IRA rollover gifts cannot exceed $100,000 per tax year.

Download Charitable IRA Rollover FAQs Download Sample IRA Letter
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Charitable IRA Rollover

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Gifts from Wills and Trusts:

When making a charitable gift to a nonprofit organization, it is vital the legal name of the charity, city and other identifying details be used.

View Bequest Language

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Gifts of Appreciated Securities:

• Legal Name: President and Fellows of Middlebury College
• Tax I.D. Number: 03-0179298 c/o Charles Schwab
• DTC Number: 0164 Account #: 6277-6504
• Reference: insert donor name/purpose

Download Stock Transfer Instructions Benefits and Options of Gifts of Stock Download Tax Exempt Status Letter

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Beneficiary Gifts from Retirement Plans, Life Insurance, Brokerage Accounts or any other plan with a beneficiary designation:

Please contact your plan provider for a change of beneficiary form. Once you have filled out the form, please send a copy to the Office of Gift Planning.

For Gifts of Securities, please contact the Office of Gift Planning for transfer instructions.

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Note to Attorneys, Accountants and other Professional Advisors

Thank you for helping your client with their charitable planning. The Office of Gift Planning is available to discuss with you or your client, their charitable intentions to help ensure the gift makes the desired impact. If you need information or if you have any questions or concerns, please contact us at (866) 496-6433 or giftplanning@middlebury.edu.

John H. Pallein '50 (1928-2008)

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When John Pallein returned to campus in 2000 for the first time since his graduation, everything had changed… and nothing had changed. John embraced both the old and new Middlebury College with enthusiasm.

Throughout his life, John had expressed his appreciation for the Middlebury College scholarship that transformed his world, noting that "the Middlebury College experience is an extraordinary gift."

In 2004, John signed a letter of intent setting aside the majority of his estate for Middlebury College. This commitment established the John H. Pallein Endowed Scholarship Fund.

Soon after formalizing his bequest, John witnessed the early benefits of his gift in action – two four-year scholarships granted to students in his name. In June of 2008, John Pallein passed away, but his legacy lives on, providing scholarship funding for students in perpetuity. Promising young minds continue to receive the gift of a Middlebury College education as a direct result of John Pallein's passionate belief in the College.

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Hirut M'cleod '00

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Hirut is impressed by the "culture of values" she sees in Middlebury College students. She knows they will "effect change because they're never complacent." An international management specialist, Hirut helps people around the world – from financial reforms in Congo to healthcare in Rwanda to her work as a leadership-coaching consultant at the World Bank Institute's global leadership program.

"Middlebury College makes it normal to be different. Students take a creative path you wouldn't find at another school. I wanted to find a meaningful way to support future students as they make their own journey down that path towards changing the world."

Hirut is making a future contribution to Middlebury College by leveraging her retirement plan. She's made Middlebury College a beneficiary of her IRA, a gift she knows will one day help students in their quest to change the world.

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John Hall '65

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John Hall arrived on campus in 1961, "a kid from a New Jersey public school," worked his way through Middlebury College (including a stint as Houseman at his fraternity) and "was very fortunate to have some scholarship help." After a long career as an attorney, John is now involved with pro-bono work, especially with the New York nonprofit Prep for Prep, which helps promising students of color succeed in independent schools. John is pleased to share that more Prep for Prep students attend Middlebury College than any other college, saying Middlebury College "is uniquely positioned to create opportunities and offer support."

"This is an education with a capital "E" and so many enormously talented young people need and deserve scholarships. I'm delighted I can help."

John is endowing a scholarship by including a charitable bequest to Middlebury College in his estate plans.

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Hirut M'cleod '00

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Hirut is impressed by the "culture of values" she sees in Middlebury College students. She knows they will "effect change because they're never complacent." An international management specialist, Hirut helps people around the world – from financial reforms in Congo to healthcare in Rwanda to her work as a leadership-coaching consultant at the World Bank Institute's (WBI) global leadership program.

"Middlebury College makes it normal to be different. Students take a creative path you wouldn't find at another school. I wanted to find a meaningful way to support future students as they make their own journey down that path towards changing the world."

Hirut is making a future contribution to Middlebury College by leveraging her retirement plan. She's made Middlebury College a beneficiary of her IRA, a gift she knows will one day help students in their quest to change the world.

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Doug '64 and Ruth Crane

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With savings in the same bank that Joseph Lee Heywood himself once defended, Doug '64 and Ruth Crane thought creating a charitable gift annuity was the perfect idea. It makes them members of the Heywood Society, and it benefits the place they both love dearly. "Middlebury College as a physical place is very important to me," Doug says. "Living in Northfield, we have the benefit of seeing improvements and also the consistency. The quality of teaching and the connections faculty make with students have been there since I was there."

The Cranes' ties to the school go way back. When Ruth was young, her grandmother used to bring her to Mai Fete and the arboretum. When Doug was a student, Ruth continued to visit Middlebury College to see him; they were even married by a Middlebury College trustee, just a week after Doug graduated.

Fifty years later, as reunion approached, members of the Class of '64 encouraged each other to be as generous as possible. "The incredible power of all of us giving together created a connection with my classmates," Doug says. The Cranes chose a charitable gift annuity because its rate of return was higher than interest rates, and the charitable deduction and tax-free portion were an added bonus.

To Doug and Ruth, Middlebury College and Northfield are intertwined. An economics major, Doug worked as a finance officer for the Northfield School District— his office was in the former Northfield Middle School, now the Weitz Center for Creativity. Ruth, who studied Norwegian and women's studies at St. Olaf, has worked at Gould Library and at the Norwegian-American Historical Association. Now happily retired and living just minutes from campus, the couple enjoys traveling, visiting their 5-year-old granddaughter, and taking part in the Class of 1964 mini-reunions.

"I loved my experience at Middlebury College to a great degree because of place," Doug said. Happily, he and Ruth are taking part in preserving that place for future generations of Carls.

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Courtenay Brown '95

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Despite the myth of the self-made man, Courtenay Brown '95 believes no one would be whom he or she is today without learning from others. Everyone is a product of someone else's teachings and assistance, he says. That's why education is pivotal.

"No matter what you've done in life, there is always someone who gave you a break," Brown says. "You're a product of what you learned in school and from your family and friends."

As an international relations major who has worked in international finance for almost his entire career, Brown has always contributed what he could to the college and says his annual gift to Middlebury College is "his most important donation of the year."

"To the extent we can, we should help provide for future generations," he says, which is why Brown and his wife, Whitney Burroughs, also chose to include Middlebury College in their estate plans. In doing so, he and Burroughs are able to contribute in a more significant way than they previously thought possible and help provide that pivotal break for someone else.

"Planned giving seems like such a complicated and large decision, but in reality, it could be as large or small as you want," he says.

"It's not fun thinking about death," Brown says, but it is necessary. In addition to helping future generations, their decision to include Middlebury College in their estate plans was also practical. He and Burroughs wanted to make sure their two young daughters would be provided for, and beyond that, they made sure the values that they hold—such as high-quality, liberal arts education—were remembered as well. They didn't want to worry about their assets being tied up in probate court, inaccessible to their daughters.

So they met with an estate lawyer and decided to establish a revocable trust. Brown had always thought of trusts as options for very wealthy people, but after some investigation, he found that's not the case at all. And once the trust was established, adding Middlebury College as a beneficiary was a "logical decision that felt really good."

Though he didn't realize it at the time, honoring Middlebury College in his will qualified Brown as a member of the Heywood Society—a fact he learned just in time for his 20th reunion. "Becoming a member of the Heywood Society is just another way to say thanks to Middlebury College," says Brown.

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Beverlee DeCoux

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Beverlee DeCoux may have retired as Middlebury College's comptroller and moved to Texas for most of the year, but finances and the college are never far from her mind. So when she started thinking about selling a piece of land she owned, she crunched a few numbers. Immediately, the school that had influenced her professionally and personally sprang to mind.

"The land was producing very little net income, but if I would have sold it, I would have had significant taxes," DeCoux says. A planned gift helped her increase her income, avoid capital gains taxes, claim a charitable tax deduction, and invest in a place she feels is developing students to understand the world and do some good in it. She was able to accomplish all of these things through a flip charitable remainder unitrust.

"This was a way to honor the wonderful experience I had as a Middlebury College employee and the good Middlebury College does," she says.

Because she worked at Middlebury College for 32 years, DeCoux was familiar with unitrust gifts and with Kaspick & Company, which manages this type of gift for Middlebury College. "I'd always known how it worked— in fact, I even gave speeches on why this was a good option for retirement when I was in Toastmasters," she says.

As DeCoux planned her retirement, she wanted something she could count on for more income. The proceeds from the sale of the gifted land were invested, and the investments are valued annually. She then receives 5 percent of the market value each year for her lifetime.

"To me, it feels like a steady income," DeCoux says. "While the income varies with market value of the assets, the highly skilled and experienced professional managers, Kaspick, are investing both for me, the beneficiary, and for Middlebury College in the long run. The managers are seeking long-term growth so that Middlebury College will have as much as possible when the fund matures."

With a unitrust, donors may choose an endowed fund with their name, but DeCoux chose the money from her gift to be unrestricted, wanting the college to have the flexibility to apply it to the area of greatest need.

"It was just such a terrific experience to work there," she says of her time at Middlebury College. "My bosses and coworkers were wonderful. I was fortunate enough to be in contact with some of the trustees and see their dedication and selflessness. I worked with faculty members on committees and saw their dedication to the students—and, of course, the students themselves."

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Beach '53 and Marianne Hall '53

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If it hadn't been for Middlebury College, Beach Hall '53 and Marianne Kalivoda Hall '53—better known as Kellie—would never have met. The transition into college proved to be an important one for the rest of their lives: By the end of their first month on campus, they were dating.

"Those were the days that you kissed goodnight in the snowbank, not in the hallway," Beach says.

They were good years, the Halls recall. They both have fond memories of attending Middlebury College during the President Gould years, editing the Algol, and fighting for the only time on campus in Scoville Library.

"Neither one of us can remember what it was about," Kellie says with a laugh. As the couple moved on, to Beach's Army days, to Indiana, to Michigan, and to later stages of their lives, Middlebury College remained important. The couple ran alumni meetings and served as admissions representatives in the Indiana and Detroit areas, and Kellie has edited their class newsletter since 1995. They also served as co-chairs for their 50th, 55th, and 60th class reunions.

"Middlebury College's education has served us well through all our lives," Kellie says. "It's still a great school, and we're happy to support it."

When the time came to transition once more, to simplify their lives, the Halls decided to sell their vacation condo in Colorado. To avoid capital gains, their CPA suggested they donate the property rather than sell it. Middlebury College was their charity of choice.

"We weren't using it as much, and Middlebury College has meant a lot to us over the years," Beach said. "And we didn't have the bother of dealing with a real estate sale from another state." The process of the bargain sale was simple. The Halls sold the property to the college for a nominal price so they could pay the small remainder of the condo's mortgage; Middlebury College then sold the property and kept the proceeds. In the Halls' case, the money from that sale was added to a scholarship they had previously created to fund through their IRAs. It feels good, the couple says, to see that scholarship begin to be awarded while they are still alive.

"With the bargain sale, we weren't out of pocket anything," Kellie says. "We came out all right, and the college came out ahead."

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