Gift Planning

Donor Stories

hillyer-lg.jpgFounded for Kenneth Hillyer '49 Under the stewardship of Colgate and Kaspick & Company, what was once a dilemma for Kenneth Hillyer '49 has turned into a blessing.

The brokerage firm that Ken worked for offered him shares at $1.25. By 1972, the stock was paying a 1% dividend, but had increased in value to about $25 per share. Any sale would result in a huge tax on his capital gain.

After attending a Colgate seminar, Ken used the stock to establish a charitable remainder unitrust. "I avoided the capital-gain tax and received a charitable deduction," said the retired vice president of Sedgwick, James, and Marsh McLennen. "Because the trust payout is at 5%, I also receive a higher return."

Kaspick & Company manages the Kenneth S. Hillyer Charitable Remainder Unitrust for Colgate. Under Kaspick's guidance, the trust has increased in value from $92,500 to about $632,000.

"Kaspick has made the biggest difference in the trust's value," Ken said. "The company is also very responsive to my concerns." Kaspick provides all of Colgate's trust donors with detailed reporting to allow donors to stay well-informed about their trusts, and Kaspick's trust administration team provides extensive knowledge of trust and tax law to meet the needs of each trust.

"I have gotten all sorts of good things while giving Colgate some much-needed funds," Ken said. The remainder of the trust will ultimately help students through the Class of 1949 Memorial Endowed Scholarship.



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.

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