When Bob '59 and Doris Kloppenburg Ferry '56 found themselves with an extra house on their hands, they had to decide what to do with it. The solution? Give it to St. Lawrence as a retained life estate gift. “It's a win-win,” says Doris.
How so?  The Ferrys created a retained life estate with a summer condo they have in Massachusetts. This gift-giving technique allowed them to give their home to St Lawrence now, and also retain the right to live in it for the rest of their lives. They received gift credit at St. Lawrence for the fair market value of the property, and gained a partial income tax charitable deduction as well.
“Our daughter was not interested in the property, and knew how much it meant to us to make a gift to St. Lawrence,” Doris explains. “We can use the condo as long as we desire, and we get an immediate tax write-off, too. It was a way we could ‘pay back’ to St. Lawrence. I had a science scholarship and the University was helpful to Bob, a Korean War veteran. We lived in Vetsville, roughly where Augsbury Physical Education Center/Leithead Field House now stands, after we were married.”
Because St. Lawrence was good to them, they now wish to be good to St. Lawrence, and are in a position to do so. And there’s another benefit: according to Doris, “By planning our giving this way, we feel happy that some good come to St. Lawrence some day.  Bob and I are each sponsoring a scholarship with half of the value of the property.”
The Ferrys spend much of their time these days between their homes in Florida and Massachusetts, although as ardent skiers (and ski instructors) they spend several weeks each winter on the slopes in Colorado.  Doris offers this advice: “Anyone connected to the University who has a piece of real estate such as ours should consider this idea.”

What’s Creative About This Plan?

• The Ferrys made a gift larger than they ever thought possible by using real estate rather than cash.
• There’s no worry about capital gains tax on the appreciation of the property.
• They received an immediate income tax charitable deduction for a portion of the value of the property.
• They don’t need to worry about the ultimate disposition of the property, and the property is removed from their estate.
• They received credit for their gift in Momentum St. Lawrence, the fundraising campaign at the University.
• Doris received credit for her 50th reunion fundraising.
• Bob will receive fundraising credit for his 50th reunion in 2009.
• Part of their gift is credited toward the Kresge science challenge grant.
• Some day, part of their gift will create a scholarship endowment to support science.
• Some day, part of their gift will be added to the Class of 1959 Scholarship endowment.