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Gift Planning

Will Provisions--Donald Stone '59


Donald Stone '59 was one teen-ager who knew what he wanted. Even though his hometown of Saranac Lake, New York, was small, the high school curriculum was rigorous and provided an excellent grounding for college-bound students. He decided to look beyond the New York schools that were recruiting him, went to the library and checked out the college handbook—that wonderful repository briefly describing all the institutions of higher learning in the United States.

Thorough student that he was, Donald read through the book from A to Z, but returned to the write-up on Haverford. There he found everything he was looking for—the space to learn, the disciplined environment, and the course offerings that would help him meet his academic goals. Happily, his first and only real choice for college accepted him and he headed to Haverford.

Donald recalls, "The classes I took at Haverford were intense and challenging. More than any particular one, I remember vividly a concerted effort by the faculty to foster in us an appreciation for responsible enquiry." He also benefited from an exciting and stimulating junior year spent in France.

After graduation, Donald earned his Ph.D at Yale, using a stipend the university provided to write his dissertation in Paris. He subsequently was hired by Harvard University where he spent his 30-year teaching career with a specialty in sixteenth-century French literature, teaching both undergraduate and graduate students until his retirement in 1992.

Since then, he has served Harvard in various capacities, including editing substantial reports such as the documentation for Harvard's recertification by the NCAA. And he continues to indulge his love of travel. While Paris and Provence hold special meaning for Donald, he's also enjoyed time in England and values the warm relationships he's built there over the years. This summer, he's headed to the Baltic region.

"Retirement is a blessing," says Donald, "And I've been blessed with material resources that I can share with Haverford."

He's choosing to do that with a bequest to the College "to establish a fund to allow the College library to maintain and enrich its holdings in the Humanities." Donald feels strongly that a liberal arts education can provide the foundation for a meaningful life and that the Humanities, in particular, afford "a constant guide" to that goal.

Donald Stone's allegiance to Haverford mirrors that of so many alumni. And he encourages his classmates and those who valued their time as part of the Haverford community to follow in his gift-making footsteps!

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A charitable bequest is one or two sentences in your will or living trust that leave to Haverford 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 Haverford College, a nonprofit corporation currently located at 370 Lancaster Avenue, Haverford, PA 19041, 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 an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Haverford or other charities. You cannot direct the gifts.

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.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

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

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