The Wanamaker Society

Members of the Wanamaker Society have made a commitment to the long-term future of Williamson College of the Trades through wills and other planned gifts.

The John Wanamaker Society was established to recognize alumni and friends of Williamson who are ensuring that the college will have the financial resources to continue its rich tradition of educational excellence for generations to come.

Members of The John Wanamaker Society have made a commitment to the long-term future of Williamson through Wills and other planned gifts. Members receive significant personal benefits such as increased income and tax reduction. Gift size is not a Society membership factor. Indeed, the amount of the gift and the method of giving is determined by your motivations, personal circumstances after providing for loved ones, individual financial objectives, and other special interests.

More About Planned Giving

The following methods are available to those who wish to make planned gifts to the Williamson. For additional information, please contact the Office of Institutional Advancement:

Peter D’Orazio
Director of Major & Planned Gifts
pdorazio@williamson.edu
(610) 565-1095, or toll free (888) 565-1095
Williamson College of the Trades
106 S. New Middletown Road
Media PA 19063.

For many donors, a bequest is the most significant gift they can make to the college. A bequest removes assets from the donor’s estate and reduces its exposure to federal taxes. Bequests and other expectancies, which can be revoked by the donor if financial or other personal circumstances change, provide a solid foundation for the future. Bequests take various forms. Following are some samples of bequests for your consideration as you prepare your Will:

Specific Bequests
Likely the most popular form of bequest where one can designate Williamson to receive a specific dollar amount or piece of property. These can be restricted to meet a need at the college as specified by the donor. Common restrictions include endowing scholarships, professorships, lectureships, and book funds.

—– Example: I give (insert dollar amount or description of property) to Williamson.

Unrestricted General Bequest
A specific bequest leaving the decision for the use of the funds where needed most by the college.

—– Example: I bequeath to Williamson College of the Trades, the sum of (insert dollar amount) for its general purposes.

Bequest of Residual Estate
This type of bequest is used to give Williamson all (or a portion thereof) of an estate after all debts, taxes, expenses and all other bequests have been paid. —– Example: “I devise and bequeath to Williamson College of the Trades, the residue of my estate owned by me at my death, real and personal, and wherever situate”.

Often people ask “Can I make a gift from my life insurance to Williamson?” Simply contact your life insurance company and request a Change of Beneficiary/Ownership Form. Designate Williamson as the new owner and beneficiary of your policy. You transfer ownership of a paid-up life insurance policy to Williamson, which we elect to cash in the policy for immediate use or hold it.

If you give your policy to Williamson while you re still alive, you will receive an immediate income tax deduction for the current value of the policy. In order for you to get this deduction when Williamson is the policy owner, you make donations to us so we have the funds to pay the insurance premiums. Put another way, you would continue to cover the premium payments that Williamson now makes on the gifted policy by making regular additional monetary gifts to Williamson.

If you retain ownership of the policy, benefits payable to us at your passing can save federal and state estate taxes depending on the size of the estate and the state in which you live. In some cases, you can actually use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity.

A charitable remainder annuity trust (“annuity trust”) is a gift plan defined by federal tax law that allows you to provide income to yourself or others for life or a term of years while making a generous gift to Williamson. As an annuity trust donor, you irrevocably transfer assets, usually cash or securities, to a trustee of your choice (for example, Williamson or a bank trust department.) During the trust’s term, the trustee invests the trust’s assets. Each year, the trustee provides a fixed dollar amount to one or more income beneficiaries named by you. The payments must be at least 5% of the trust’s initial value and are made out of trust income, or trust principal if income is not adequate. Payments may be made annually, semiannually or quarterly.

When the annuity trust term ends, the trust’s principal passes to Williamson, to be used for the purpose you designate.

—– Example:
If you irrevocably transfer $50,000 in cash to an annuity trust that pays 5% of its initial value each year for the lifetime benefit of an individual, age 72….…you will qualify for a federal income tax deduction of approximately $30,717. Your deduction may vary modestly depending on the timing of your gift. Note that deductions for this and other gifts of cash and non-appreciated property will be limited to 50% of your adjusted gross income. You may, if necessary, take unused deductions of this kind on tax returns over the next five years, subject to the same 50% limitation. …your designated income beneficiary will receive fixed payments in quarterly installments totaling $2,500 each year for life. …your estate may enjoy reduced probate costs and estate taxes. …you will provide generous support of Williamson. …your gift will benefit from expert asset management, provided by the same professionals who manage Williamson’s endowment./toggle]

A charitable gift annuity is a simple contract between you and Williamson. In exchange for your irrevocable gift of cash, securities, or other assets, Williamson agrees to pay one or two annuitants, named by you, a fixed sum each year for life. The older your designated annuitants are at the time of the gift, the greater the fixed income Williamson can agree to pay. In most cases, part of each payment is tax-free, increasing each payment’s after-tax value. Payments may be made annually, semiannually, or quarterly.

—– Example:
If you irrevocably transfer $50,000 in cash to Williamson in exchange for a $3,850 annuity for an annuitant, age 72……you will qualify for a federal income tax deduction of approximately $20,304.…your deduction may vary modestly depending on the timing of your gift. Note that deductions for this and other gifts of cash and non-appreciated property will be limited to 50% of your adjusted gross income. You may, if necessary, take unused deductions of this kind on tax returns over the next 5 years, subject to the same 50% limitation. …your designated annuitant will receive fixed payments, in quarterly installments, totaling $3,850 each year for life. In addition, $2,048.20 of each year’s payments will be tax-free for the first 14.5 years. …your estate may enjoy reduced probate costs and estate taxes. …you will provide generous support for the Williamson.

A retained life estate is a gift plan defined by federal tax law that allows you to donate your home or farm to Williamson while retaining the right to live in it for the rest of your life. As the creator of a retained life estate, you irrevocably deed to Williamson your home or farm, but retain the right to live in it for the rest of your life, a term of years, or a combination of the two. You may also use a vacation home to create this kind of gift. While you retain the right to live on your property, you continue to be responsible for all routine expenses – maintenance fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property to someone else or sell the property in cooperation with Williamson.

When your retained life estate ends, Williamson can then use your property or the proceeds from the sale of your property for the purpose you designate.

—– Example:
If you irrevocably transfer your home or farm, which has a total value of $50,000, to Williamson, and the right to live in it is retained for the lifetime benefit of an individual, age 72… …you will qualify for a federal income tax deduction of approximately $23,241. Your deduction may vary modestly depending on the timing of your gift. Note that deductions for this and other gifts of cash and non-appreciated property will be limited to 50% of your adjusted gross income. You may, if necessary, take unused deductions of this kind on tax returns over the next five years, subject to the same 50% limitation. …you will retain the right to live on your property for the rest of your life. …your estate may enjoy reduced probate costs and estate taxes. …you will provide generous support of Williamson.

PDF Appeal and Downloadable Membership Form