Planned Giving

Kathy Schulz Creates a Legacy at Ramapo

Kathy SchulzWhen Kathy Schulz '83 thinks back to her college days at Ramapo, she remembers the beautiful campus and the wonderful, dedicated faculty. Schulz majored in sociology and fondly recalls Trent Schroyer, one of her professors. She also remembers a survey of the law class that sparked her interest in becoming a lawyer. "The professor was great. It was that class that led me to think maybe I should go to law school," Schulz says.

In reference to other memorable experiences at Ramapo, Schulz comments, "I enjoyed the ability to pursue my particular interests across a range of disciplines. I majored in sociology, but also had a distinct interest in religion."

After Schulz graduated in 1983, she took a year off and then pursued her law degree at the Benjamin N. Cardozo School of Law at Yeshiva University. She worked at Debovoise & Plimpton, a prominent international law firm in New York City, for seven years before joining New York University (NYU). As associate general counsel at NYU for the past 14 years, Schulz enjoys the intellectually stimulating aspects of her work and the opportunity to work with a diverse, professional group of people.

In 2007, Schulz made a generous bequest to Ramapo through her estate plan. "As an attorney, I realized the importance of estate planning and having a will," she says. "I believe that a will provides the control one would wish to have over assets after death and avoids a formulaic distribution of assets that would occur under the law, without a will. Estate law provides for a very generic formula providing distributions only to family members and would not have permitted any gifts to my favorite charities."

Many choose to bestow some of their assets to organizations that have been an important part of their lives. On why she chose to include Ramapo, Schulz says, "I had a very positive experience at Ramapo - it was a very warm and accepting environment. I learned a tremendous amount and I met a lot of great people."

The Ramapo College Foundation congratulates Kathy Schulz on her new position as Associate General Counsel for Yale University.

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.

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