Family comes first for the Brummers of Brookside, New Jersey. Shortly after Sally Clark Brummer '56 graduated from Wells, she and her husband Gordon welcomed their first son David. Sally and Gordon continue to experience the joys of family, which now includes four children and eight grandkids, and have made it a priority to provide for their loved ones well into the future.
Both Sally and Gordon are active volunteers for Wells and Colgate and their respective class giving campaigns. Sally recently teamed with Elise Unhoch Mock '56 to raise record-breaking amounts for their 50th Wells Reunion, and Gordon serves on Colgate's Alumni Corporation Board of Directors as well as their planned giving committee. Engaging in fundraising activities for the colleges exposed them to different possibilities for making gifts that would provide for their alma maters as well as their family.
After careful consideration, they established a giving plan which included a charitable remainder trust. With low yielding stock, which had a high appreciation value, they were able to fund the trust without paying capital gains and increasing their income. At the same time they purchased a surprisingly affordable second to die life insurance policy naming their children as beneficiaries, which replaced the assets donated to the trust. Neither the value of the trust nor the life insurance proceeds will be considered part of their taxable estate. Additionally, their children will receive the insurance benefit tax-free. With this arrangement, they could make significant contributions to their alma maters while passing a portion of their estate to their children and grandchildren.
Their trust pays them an annual income for the rest of their lives with the principal designated to benefit both Wells College and Colgate University, Gordon's alma mater. By establishing the trust they were able to receive benefits such as current year tax savings, increased income, and capital gain avoidance.
The Brummers are quite proud that they have done something significant for their schools while providing for family. Their Wells College family — faculty, staff and students — is most appreciative.
For more information, contact Pamela Sheradin, Director of Leadership and Planned Giving, at 315.364.3200 or advancement@wells.edu. Please note that Wells College cannot render tax or legal advice and recommends consultation with a professional advisor before making a charitable gift.
The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.
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