Planned Giving

Inspiring Gratitude at Ramapo College

Paul and Jackie Fain Garber with group

Paul and Jackie Fain Garber join their scholarship recipients at the annual Scholarship Awards Dinner.

Jackie Fain Garber graduated from Ramapo College in 1975 and became a kindergarten and Montessori teacher. In 2001, she and her husband, Paul, decided to establish an annual scholarship to recognize good students with financial need who may require a little help in paying their college costs. "I've gotten so much from my Ramapo education," Jackie said at the time, "I would like to give back." Students who receive the Garber Scholarships may study any discipline, but must demonstrate financial need and be in good academic standing.

Through 10 years of funding annual scholarships, Jackie and Paul Garber have made a difference to 63 scholarship recipients. Both of them are astonished by the fact that so many worthy students have benefitted from their charitable giving.

"We look forward to meeting the scholarship recipients every year at the annual Scholarship Awards Dinner," Jackie says. "Each one has a different story that touches our hearts deeply."

"We are most impressed with the dedication of each scholarship recipient to getting a great education at Ramapo," Paul says. "Every student we met at the scholarship dinner expressed the hope to be able to give back someday."

When Jackie and Paul discussed permanently endowing their scholarship, they decided to make a gift through a charitable bequest. They found that including Ramapo College in a will is one of the easiest ways to support Ramapo College and future generations of students. As an added benefit, they retain control of their current assets for future needs.

After notifying the College of the bequest, Jackie and Paul were welcomed into Ramapo College's Legacy Society, an honored group of donors who have created endowments and planned gifts for scholarships, research and capital projects.

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.