Thomas H. Weidemeyer ’69 Gifts to Colgate Can Benefit Retirement and Create a Philanthropic Legacy
Weidemeyer, who retired as senior vice president and chief operating officer of UPS, has made Colgate the beneficiary of a 15-year charitable remainder trust.
“Giving through the trust was an opportunity to put some highly appreciated assets to good use,” he said. “I avoided pretty dramatic tax consequences [with capital gain] while providing Colgate with long-term support. It also provides me with annual income.”
Colgate is an academic environment “second to none,” Weidemeyer said. “It gave me the chance to be around others who were looking to be successful in life. That liberal arts education stood me in good stead for the next step in life”—earning a law degree and then working his way up from an entry-level position to COO of UPS.
Weidemeyer originally did not designate how his gift should be used. “The money being beneficial to Colgate was the most important thing to me,” he said. “Colgate decided the best possible use was for the financial aid initiative.”
Weidemeyer urges other alumni to consider how planned gifts can benefit their retirement and create their philanthropic legacy at Colgate.
“Think about how the foundation laid by your time at Colgate enabled you to be successful,” he said. “Here’s the opportunity to provide others with a similar chance.”
The discussion herein is general in nature and may not apply to all individuals. Prospective donors are urged to consult their personal tax and financial advisors concerning the specific consequences of making gifts to Colgate. We would be pleased to discuss, in confidence, ways in which you may support Colgate. These measures may also have an impact on your estate planning.