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Gift Planning

Deferred Gift Annuities--Lisa Lexa and David Wilson '67


"Sports mad" describes young David Wilson '67 when he was a high school student at The Haverford School. In addition to the staff coaches, the teams benefited from the counsel and help of assistants who often were admirable Haverford College students. So when David thought about college, Haverford was a logical place—even though his high school buddies ribbed him about not going away and "only walking across the street."

In fact, he didn't get much beyond that choice except for a tentative foray to Princeton. His father graduated from Haverford in 1933 and when he suggested a "ramble" around the campus in the summer following David's junior year of high school, the two walked from their nearby home to check it out. By chance, the associate director of admissions, Bill Ambler '45, was in his office and he took time for an unscheduled chat.

That's when David learned of the early admission policy: apply by October and have your answer by Thanksgiving. For a typical teenager (who reveled in immediate gratification!), this was a good deal. His future would be set. And he'd be able to continue his favorite sport—swimming—with The Haverford School coach who did double duty at Haverford College.

With a laugh, David notes that his years at Haverford were punctuated by poker evenings when reading assignments and papers got pushed aside for a while. And the "Tenth Entry" just off campus was a favorite beer hall when he and his classmates were "old enough" to patronize it.

The good times were balanced by a rigorous academic life. A history major, David particularly enjoyed his classes and seminars with Roger Lane where topics ranged from the Confederate States before the Civil War to the progressive era. And George Kennedy's lectures on Greek and Roman history were a highlight.

After graduation, David attended the Wharton School at the University of Pennsylvania where he received a degree in finance. His liberal arts background combined with business school have served him well in his career. Currently he's a senior portfolio analyst at Vanguard—a position that's been "a rollercoaster" in the present economic climate.

In addition to annual fund gifts, David and his wife, Lisa Lexa, have established five deferred payment gift annuities over eight years. Payments to the Wilsons have staggered beginning dates, starting in 2010 when he is 65. Their income will increase as they move further into retirement with three of the annuities "maturing" at age 70.

The couple is sold on the mutual benefits of this kind of contribution. Ultimately David's beloved Haverford receives the principle of the gifts. But the Wilsons are assured a fixed income for life, no small advantage in a world where defined benefit pension plans are disappearing and individuals are more responsible for their retirement security.

David says, "The deferred payment annuities provide guaranteed build-up in addition to a generous tax deduction, a reliable cash stream, and a significant way to support the College. Although it's a cliché, this kind of contract really is a win-win."

From his years of service in the alumni association and on the Board of Managers, David is well acquainted with the College's needs for funds. "That's where you really learn the ins and outs of Haverford's finances. There's never quite enough!"

From his home in Rosemont, David runs the four miles to the campus when he can to enjoy a few turns around the college track, greeting coaches and others as he continues his commitment to fitness. Indeed, Haverford College remains close to home and close to his heart!

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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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