60-Year Legacy

Nancy and John

Nancy and John Michalski ’60

When members of the Naval Academy Class of 1960 return to Annapolis for their 60th reunion in 2020, they plan to celebrate a special achievement: the end of a four-year effort to raise planned gifts from their 565 living members to support the Academy.

While reunion gifts are a traditional component of Naval Academy reunions every 10 years, most classes stop their gift campaigns at the 50-year mark. The Class of 1960 knew their members had the capacity to continue their generosity, and believed planned gifts through vehicles such as bequests, charitable gift annuities and IRA charitable rollovers would be particularly appealing at their stage in life. 

Charlotte and Bob

Charlotte and Bob Stevenson ’60

The class' fundraising efforts are well under way.

John Michalski '60 serves as president of the class and a member of its reunion gift committee.  

"My wife, Nancy, and I decided to make a bequest to the Naval Academy Foundation in our will," he said. "While we will continue to make annual gifts, the bequest will be our final gift to the school that so greatly influenced our lives."  

His classmate Bob Stevenson '60 opted for an IRA charitable rollover.  

Bob Bowman

Bob Bowman ’60

"My wife, Charlotte, and I wanted to increase our giving in support of the Brigade while we were alive," Stevenson said. "We elected to use an IRA rollover gift as an easy and tax-wise method for our 60th reunion planned gift." 

Bob Bowman '60 also used an IRA to fund his planned gift, but through beneficiary designation.

"By using my IRA to fund charitable bequests, I can substantially increase the value of those bequests for the charity I'm trying to support," says Bob. 

Lyman Perry

Lyman Perry '60

Lyman Perry '60 chose a charitable gift annuity (CGA). With a CGA, donors transfer assets to the Foundation, which pays the donor (or other designated annuitants) fixed payments per life. When the annuity ends, the Foundation uses the remaining funds to support the Naval Academy as directed by the donor.

"I receive a very reasonable tax-advantaged return and the satisfaction of knowing that the Academy will forever benefit into the future," says Lyman. "To this day I am eternally grateful for the lessons learned at the Academy, the discipline and rigorous training we received and the lifelong friendships made there that prepared me well for a successful architectural career."  

For more information on combining your personal financial goals and your philanthropy, contact the Office of Planned Giving at 410-295-4186.

 
 

© United States Naval Academy Alumni Association & Foundation

 
 
 

A charitable bequest is one or two sentences in your will or living trust that leave to the United States Naval Academy Foundation 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 the United States Naval Academy Foundation, a nonprofit corporation currently located at 274 Wood Road, Annapolis, Maryland 21402, 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 the Naval Academy Foundation 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, 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 the Naval Academy Foundation 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 the Naval Academy Foundation 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 the Naval Academy Foundation where you agree to make a gift to the Naval Academy Foundation 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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