Planned Giving

For the Joy of Giving: Alumna's Gifts Reflect Positive College Experience

Fran Hackett smiling

Fran Hackett, Ramapo College alumna and chair of the Ramapo College Foundation Board of Governors, recently created her seventh endowed scholarship for Ramapo College students.

Fran Hackett received a B.S. in Business Administration and a degree in American Studies from Ramapo College in 1980. Long active in judicial and healthcare issues, she exemplifies the accomplished professional, mentor and donor.

As part of her estate planning, Fran designated the Ramapo College Foundation as a beneficiary of her IRA. Fran said this planned gift increases the amount of scholarship funds available for students. "Since charities like the Ramapo College Foundation do not pay income taxes on the gift, the Foundation receives the full gift amount," added Fran. "Ramapo College made a difference in my life by providing exceptional experiences; it is an honor to pay it forward."

Fran is chair of the Ramapo College Foundation Board of Governors. She was the first chair of the Anisfield School of Business Alumni Advisory Board and serves on the School of Business Advisory Board. She served on the College's Strategic Planning Executive Committee, as a member of the 2004-2005 Presidential Search Committee and as a member of the Alumni Association Board Development Committee.

Her years of dedication to Ramapo and the larger community were recognized when she was honored at the Distinguished Citizens Dinner in 2004. Fran also received the President's Award of Merit in 2007. She recently retired as vice president for the Office of Servicemembers' Group Life Insurance for Prudential Financial.

An extraordinary Ramapo College volunteer and donor, Fran's seven scholarship endowments reflect the interest that she and her husband, David, share.

Through her endowments, Fran has generously assisted students with financial need who are enrolled in the Anisfield School of Business, the Salameno School of Humanities and Global Studies, or those who served in the armed forces. As a tribute to her husband, Fran endowed a scholarship for EMTs, a volunteer position David has held for many years in their hometown. In addition, Fran created scholarships for students from communities that hold significant memories for the couple. They include Cape May County, South Plainfield and West Milford. She created the seventh endowment, The Hackett Cape May County Scholarship Endowment, in 2014.

A charitable bequest is one or two sentences in your will or living trust that leave to The Ramapo College Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to The Ramapo College Foundation, a nonprofit corporation currently located at , or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The Ramapo College Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The Ramapo College Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The Ramapo College Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and The Ramapo College Foundation where you agree to make a gift to The Ramapo College Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

eBrochure Request Form

Please provide the following information to view the brochure.