Planned Giving

Vitus Stablein '76: The Power of Insurance

Vitus Stablein smilingVitus Stablein was born in Brooklyn, N.Y., on August 5, 1930. As an infant, he was sent to Germany to live with relatives during the Depression. He resided in Germany until 1946 when he finally returned home to the United States. Stablein lived most of his adult life in New York and northern New Jersey. He served in the Korean War as a Marine. When he returned from war, he began working at the U.S. Postal Service. Similar to some Ramapo College alumni, Stablein began his college studies later in life. He proudly graduated from Ramapo College with a Bachelor of Science degree in 1976 at the age of 46.

After graduating with a major in history, Stablein continued working for the Postal Service until his retirement in 1990. He later moved to Tannersville, N.Y., to pursue one of his favorite activities - skiing. Until recently, Stablein remained active by skiing and hiking the beautiful Catskill Mountains.

Throughout the years, Stablein hoped to one day give back to Ramapo College and the many other nonprofit institutions that made a difference in his life. After researching many gift options, he decided to make a gift of life insurance to Ramapo. Stablein believes that "donating life insurance can produce substantial tax benefits while leveraging a relatively modest investment into a large donation. It is not a difficult gift to make. The payments are quite doable."

Stablein purchased a new life insurance policy naming Ramapo College as the owner and beneficiary. He makes annual cash gifts directly to Ramapo College to fund the premium payments of the insurance policy and receives an income tax charitable deduction each year the gift is made. The insurance policy will allow Stablein to make a significant gift of $319,000 to the College. Remembering the challenges he faced going back to college, Stablein says, "I wanted the most effective way to help other students. I felt an obligation and a responsibility to give back to Ramapo College."

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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