People are often unsure of the definition of "planned giving." A gift is "planned" to the extent that the donor purposefully integrates a charitable gift into the donor's overall financial, tax, and estate planning. A "planned" gift enables a donor to make a positive financial difference for the donor and for his family, while also making an important gift to Penn State Berks. Planned gifts are often thought of as "leaving a legacy" that benefits not only the donor and the donor's family, but also future generations.
Under the right circumstances, a planned gift can provide a donor and his family with a variety of benefits including:
- Increasing current income for donor or others;
- Reducing income and/or estate taxes;
- Passing assets on to family members at reduced tax costs;
- Making an important gift to Penn State Berks.
Planned gifts can be made using many different kinds of assets. Most planned gifts are made with cash or appreciated marketable securities. However, depending on the donor's particular circumstances, gifts are often made using qualified retirement account assets, real estate, insurance policies, and even artwork or business interests.
A Lifetime of Learning, A Legacy of Giving
For Barrie Pease, '78, many of the varied occupations and successful endeavors throughout his life have been based on one common connection: the education and experiences he gained while at Penn State Berks. Barrie, a member of the first graduating class in the Law Enforcement and Community Justice Program through Penn State Berks, recalls, "The education I received at Penn State was amazing and really kept me interested in learning." This served as a springboard to a career in law enforcement, as an insurance fraud investigator, as a college professor and now as president of the board of the Animal Rescue League of Berks County. Barrie and his wife, Barb, had already decided to give back to Penn State through a deferred (or planned) gift. Then, while Barrie was attending Penn State's Campaign All-Volunteer Summit, he learned that deferred gifts also count toward Penn State's For the Future campaign. That realization made their planned gift, which is a bequest to create the Barrie and Barbara Ann Pease Scholarship at Penn State Berks with first preference to outstanding undergraduates who pursue a degree in crime, law, and justice even more compelling. Barrie adds, "This seemed like an appropriate way to give back to Penn State and to the field of law enforcement, both of which have been very good to me." Barrie hopes that "the scholarship will help provide training and education for future students so they can make a contribution to their communities, much like Barbara and I have been able to do over the years." For those concerned about making an outright gift of cash or stock, naming the Penn State program of your choice in your will may be an effective solution. Such a bequest is an ideal way to make a gift to the For the Future campaign perhaps at a higher level than you could make otherwise. Of course, you always have the option to fund it sooner, when your situation changes.