Gift Planning

Richard Tisch ’70: Gift Annuities Are a Win for Both Colgate and Donors

When Richard Tisch ’70 considered including Colgate University in his estate plan, he recalled the strong connections he made and has sustained for more than 50 years. His desire to give back was based on his respect for Colgate faculty and bolstered by Third-Century priorities.

Working with Colgate to determine the best way to give back, Richard chose to establish a charitable gift annuity. The planned giving strategy is quite simple. Richard made a gift to Colgate and, in return, Colgate pays him a fixed annuity for the rest of his life based on his age. Part of the payments are tax-free, and part of the gift is deductible.

Richard then voluntarily decided to have the payments that would normally go to him be automatically redirected to Colgate, as additional tax-deductible gifts, to benefit the Mark Randall/John Beyer Endowed Scholarship — which Richard helped to establish. The scholarship honors his lifelong friend and mentor, former Colgate men’s soccer coach John Beyer.

“Establishing a gift annuity allows me to give to Colgate while providing me with income — for when I may need it more — and significant tax savings,” Richard says. “I also like that I am providing Colgate with vital funding now and in the future for important Third-Century priorities.”

As an undergraduate, Richard was captain of the men’s soccer team and a member of the Phi Kappa Tau fraternity and majored in sociology. Some of his fondest memories of Colgate include Latin classes taught by professors Robert L. Murray and John E. Rexine, and he was awarded the Mark Gutwirth Memorial Classics prize. Richard has supported the classics department over the years, including funding a student performance of Lysistrata and helping furnish the classics room in Lathrop Hall.

After graduation Richard received his J.D. from Union University and worked as an attorney for the Environmental Protection Agency (EPA) and Praxair, Inc. He currently serves on Colgate’s Center for Freedom & Western Civilization External Advisory Board.

Richard remained in contact with his former coach and maintained a close friendship for more than 50 years. “Coach John Beyer was instrumental in keeping my connection to Colgate strong,” says Richard. “I would advise anyone who had a memorable experience at Colgate to use that as your inspiration to include Colgate in your estate plan.”

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.