Jim '71 and Betsy Leonard '74 Snedeker and their son
Peter '06 |
Bequests
Jim '71 and Betsy Leonard '74
Snedeker
(from the Spring 2004 Manley Society Newsletter)
Some call it the “ah ha!” moment, the moment
when inspiration takes form and substance.
When Jim '71 and Betsy Leonard '74 Snedeker saw how
their two children blossomed at St. Lawrence, they had their “ah
ha” moment.
"Betsy and I so value our own St. Lawrence education
and have been active and supportive of the college for years before
our children decided to attend. Through their experience, we realized
that St. Lawrence continues to provide the same nurturing academic
environment for Katherine '02
and Peter '06 as it did for us when we were in school, and we
wanted to convey our support for the outstanding job President Sullivan,
his team of administrators and the faculty are doing, " said
Jim. "We want the St Lawrence experience to be available for
many, many years”
Bonnie McGuire Jones '73
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The desire to do more, realized at that moment of
inspiration, is often the catalyst for giving, says Alumni Executive
Council member Bonnie McGuire Jones'73, an estate planning
attorney (who is not associated with the Snedeker gift plan). “It
is often connected with a pivotal time in a person's life—when
one retires, loses a parent or friend, or celebrates the birth of
a grandchild, but the inspiration can also come during a walk, in
the shower, or while cooking! At those moments we feel motivated
to do even more for the people, causes and organizations that are
important to us”says
Jones.
So Jim and Betsy took pause, saw their
children growing into admirable and self-sufficient adults, and wanted
to revise their estate plans to reflect the gratitude they felt. St.
Lawrence was a natural beneficiary for them, and they were sure that
St. Lawrence would be a good steward of their bequest. They know from
their own and their children's
generations that what makes St. Lawrence “so special” is
part of St. Lawrence's genetic code and will be part of the institution
forever.
“We have the utmost confidence that our gift will
be invested and used judiciously,” says Jim. “The fiduciary
responsibility that is exercised by the administration and trustees
in the proper use of the funds was of paramount importance.” Their
hearts said “yes” and
their research into and experience with St. Lawrence's management
confirmed their instincts: St. Lawrence would be a good family investment.
Taking measure of one's objectives and circumstances
is the first step in transforming a charitable inspiration into a
reality. Then one should engage an estate planning attorney who is
equipped to review a specific gift idea or explore a range of charitable
possibilities for an individual, couple or family in the context
of their overall plans, according to Jones.
“There are numerous charitable
giving arrangements – from
outright gifts, life estates, gift annuities and charitable trusts
created during one's lifetime to several types of bequests
and charitable trusts that can be incorporated into Wills, Living
Trusts or IRA beneficiary designations. Getting the best fit – both
in terms of the gift arrangement and the assets used to fund the
gift – enables many donors to make a larger gift than they
originally hoped they could. That is because Congress provides incentives
for charitable giving in our tax laws.”
Jim and Betsy proceeded exactly as Bonnie Jones would
have suggested. “We
discussed our decision with Katherine and Peter and they were totally
supportive. We sought the advice of our estate planning attorney, who
helped us execute or plan,” says Jim. The Snedekers and their
attorney involved planned giving professionals at St. Lawrence early
in the process to make certain their gift would coincide with University
objectives.
When the Snedekers describe the motivation for their
gift, images of St. Lawrence people come to mind.
“We thought about the many faculty members and
others who over the years influenced us and our children. We also thought
about the members of the current administration, including President
Dan Sullivan, Dean of Student Life Cissy Petty, Dean of Admissions
and Financial Aid Terry Cowdrey, Chaplain Kathleen Buckley, Director
of Athletics Margie Strait and Vice President of Administrative Operations
Tom Coakley. They, and we, are the St. Lawrence family. They are devoted
to their work, and we wanted to respond in kind. In fact, we felt we
should do no less,” Jim says. “We ultimately decided that
a bequest would be in everyone's best interest.”
The Snedekers' feelings about their gift resonate
with attorney Bonnie Jones. “There are notable tax savings
available with charitable gifts, but what gives contributors the
most satisfaction, I think, is the joy of being generous and being
able to give back to the people, causes and organizations that have
made a difference in their lives. Being generous is one of the best
experiences a human being can have, and in my opinion, making contributions
that live on after you, for the good of others, is a way of achieving
immortality.”
Is it time to create or update your will? Need help
getting organized before meeting with your attorney? Request our Estate
Planning Organizer.
Would you like help organizing and defining your philanthropy? Request our Philanthropic Planner.
This web page does not provide legal or financial advice, nor is it intended as a comprehensive review of the topic. You should consult your attorney, tax advisor and St. Lawrence before making or planning your gift.
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