Charitable Gift of a Partial Interest in a Personal ... - Wagner College

Heritage Society cont’d
Lilyan Bennett Mulvaney ’46
Kenneth L. Murray ’75
Richard J. Nelson ’66 + &
Sandra Kangas Nelson ’68
Karen A. Nielsen ’69 M’71
Donna Mollica New ’68
Dr. Robert C. ’66 H’95 & Patricia O’Brien
Mildred Neumann Olsen ’50 +
Leonhard Pahl ’54
Henry V. Pape ’36 +
Arthur G. ’54 & Astrid D. Paugh
Dianne & Frank Powers
Robert S. ’50 and Muriel Peirano
Elizabeth Ebers Press ’58
Henry W. ’39 + & Edith Daniel Raisch ’38
THE WAGNER COLLEGE
HERITAGE SOCIETY
The Wagner College Heritage Society
sponsors estate planning seminars on and off
campus and provides information to those
considering gifts to the College. As with all
tax and estate planning, please consult your
accountant, estate specialist or attorney.
WAGNER COLLEGE
Office of Institutional Advancement
One Campus Road
Staten Island, NY 10301
Lauren Reinertsen ’75
Carol Barr Renner
Cornelia Borgemeister Reynolds ’44
William Reynolds +
Ernest P. ’37 &
Clara Shake Rittershausen ’38 +
Dr. Maureen L. Robinson ’67 H’03 &
Derish Wolff
Kenneth W. ’41 & Ruth Forster Rogler ’41
Anita Carroll Sabatino ’69
June Gerdin ’56 & Ronald Schaupp
Elaine Sheehy
Carol E. Sharpe ’60
LuAnn Steinhauer ’57
Joan Sutera ’81
David Taylor ’75 +
ADVISORY COMMITTEE MEMBERS:
Alan Blair, Ph.D., CTFA
VP Sun Trust Bank
Carolyn Glynn, Esq.
Satterlee, Stephens, Burke & Burke LLP
Paul Hansen, CEP, ChFC
VP Investments Smith Barney/Citigroup
Wayne L. Warnken, Esq.
Wormser, Kiely, Galef & Jacobs LLP
Rev. Robert G. Wollenburg
Assistant to the Bishop for Giving
Metropolitan New York Synod
Rosemary R. Truempy ’44 +
Dr. Barbara A. Eshleman ’61 &
Warren R. Vroom
Rev. Frederick G. Wedemeyer ’57
Genevieve DeWitt Wesselmann ’57
Carl A. Westerdahl ’59
Frederick C. Williamson Jr. ’64 &
Dee Williamson
Astrid Wilson +
John B. Woodall + & Joy S. Woodall +
+ = Deceased
Members of the Heritage Society are
annually recognized in print in the Wagner
College Annual Report to donors and also
at a Presidential reception during Reunion
Weekend.
Teresa S. Karamanos
Vice President of Institutional Advancement
Wagner College
Frank Young
Director of Major Gifts, Wagner College
If you are considering an estate or planned
gift to Wagner and would like to receive
further information, contact Frank Young,
director of major gifts, 718.420.4494 or
frank.young@wagner.edu.
We would be delighted to assist you
in any way we can.
Non-Profit Org.
U.S. Postage
PAID
SI, NY 10314
Permit # 120
LEGACY
T H E H E R I T A G E S O C I E T Y N E W S L E T T E R V O L . 2
A Message From the Reynolds House...
We at Wagner College are very grateful for the many individuals who choose to
remember the College in their estate plans and for all that their gifts make possible.
We mourn the passing of the following members of the Wagner community in the
last year, but express gratitude for their generosity to the College: Clyde A. Franklin
’60, Maria Johanna Hall, Rev. Howard Alexander Kuhnle ’29, Mildred Neumann
Olsen ’50.
We welcome the newest members of the Heritage Society: Patricia Swanson Costie
’57, Robert E. ’58 & Catherine Heller Gritman ’60, Gail E. Kelley ’97, Ted
Klemens ’53, Fred W. Lange ’53, Evelyn Goysick Larson ’66 & Nils Larson ’66,
Christian W. Miller ’84, Dianne & Frank Powers, Robert ’50 & Muriel Peirano,
Carole E. Sharpe ’60 and Carl A. Westerdahl ’59.
Our thanks to Advisory Committee member, Wayne L. Warnken, Esq., for his
informative article describing making a gift of a personal residence; and to Dr.
Theodore Dowd ’50 and Bob ’50 and Muriel Peirano for making gifts of their
homes to Wagner and allowing us to tell their stories in this issue of the Legacy.
Charitable Gift of a Partial
Interest in a Personal Residence
Wayne L. Warnken, Esq.
An effective estate plan involves several significant elements: (1)
the identity of the assets; (2) the lifetime needs of the persons who
own the assets; (3) the potential recipients of the assets, either during
life or at death; and (4) the tax implications of the plan.
For people having substantial spendable income, outright gifts
represent a straightforward way to transfer assets to individuals or
charitable institutions. By making a lifetime gift, the donor can
enjoy seeing the recipient make good use of the funds. If, however,
the income needs of the donor prevent the use of outright gifts,
another tack must be taken.
The taxing authorities allow charitable income, gift and estate tax
deductions for outright transfers to charitable organizations, but
pose restrictions when only a partial interest is given. Charitable
remainder trusts or charitable lead trusts require that very precise
rules must be followed to allow the partial interest going to the
charitable organization to qualify for appropriate charitable deductions.
If a prospective donor does not have sufficient stocks, bonds or
other marketable securities to establish such a trust, a personal res-
idence might serve as a potential charitable gift vehicle. A special
provision is contained in the Internal Revenue Code for the gift to
a charitable organization of a remainder interest in a personal residence.
The gift must not be in trust, and it must be an irrevocable
remainder interest in the personal residence. Of course, a
donor will receive a charitable deduction for an outright transfer of
a personal residence to a charitable organization. For this discussion,
however, we will assume that the donor wishes to enjoy the
personal residence during his or her lifetime.
The term “personal residence” for the purpose of this type of
charitable contribution is not limited to the donor’s principal residence.
Thus, a vacation home could be used for such an arrangement.
In addition, the term personal residence also includes the
stock and proprietary lease relating to a cooperative apartment, if
the cooperative apartment is used by the donor as a personal residence.
The amount of the charitable deduction for income tax purposes
will be based on the value of the property when transferred and
the age of the donor. An appraisal by a qualified real estate appraiser
is required to establish the value. Actuarial tables will be used to
compute the value of the remainder interest based on the age of the
donor. The older the donor, the earlier it is anticipated that the
remainder interest in the property will pass to the charitable organization,
and the greater the amount of the income tax charitable
deduction. For example, an 80-year-old donor would be entitled
to a deduction of approximately two-thirds of the appraised value
of the personal residence, while a 70-year-old donor would be entitled
to a charitable deduction of approximately one-half of such
value.
The typical structure of this type of transaction is a deed of the
property from the donor to the charitable organization, with the
donor retaining a life estate in the property. Naturally, estate and
gift tax rules change from time to time. As with all suggestions in
the area of estate planning, persons considering this type of a gift
should discuss it carefully with their own advisors before going forward
with such a plan. Obviously, each individual case presents a
discrete set of facts which must be considered to be sure that a particular
plan is suitable for the potential donor.
Wayne L. Warnken, a partner in the law firm of Wormser, Kiely, Galef & Jacobs
LLP in New York City, has been practicing in the estate planning field for over 30
years. He has worked with several Wagner alumni/alumnae on estate planning
matters.
WAGNER COLLEGE • REYNOLDS HOUSE • ONE CAMPUS ROAD • STATEN ISLAND, NY • 10301 • WWW.WAGNER.EDU

Dr. Theodore Dowd ’50
DR. THEODORE DOWD ’50
Dr. Theodore Dowd ’50 built a lifetime
career in Chemical
Engineering on the foundation
acquired as a chemistry major at Wagner
College.
“I spent some of the best years of my life
living on the Wagner campus. First, it was
in Luther Hall, an army surplus barracks
erected in 1946 to accommodate the
returning veterans. Then, as an upper classman,
I moved into North Hall.”
Heritage Society
Honoring those who have made a commitment
to support the College in a bequest or
estate plan.
Anonymous (9)
Helen Abichandani ’54
Dr. Albert B. Accettola ’41
Richard W. Baller ’51
Ronald A. ’64 & Susan L. Bibbo
Rudolph & Miriam Bischoff
Marion B. Blankley +
Mary B. Boody ’86
Margaret Borkholm +
Ted recalls, “To reach Wagner, I
traveled from Bay Ridge, Brooklyn by
bus to the 69th Street Ferry and sailed
across to Staten Island for a nickel. I
miss that ferry ride to this day.”
He moved out of the New York
City area after graduation and went
to work in the aircraft industry beginning
with Republic Aviation on Long
Island, then to Boeing in
Philadelphia and on to the Lockheed
Aircraft Corporation in Georgia and
California.
“Wagner jump-started my career.
My education opened doors in private
industry (Republic, Boeing,
Lockheed) and government service
with the Department of Defense at
the Pentagon. I worked on the Stealth
Submarine for the Naval Sea Systems
Command. We sailed the submarine
into the San Francisco Bay in the
early 1970’s,” he recalls, “and none of
the surface ships were able to detect us.”
Recently, Ted decided to take advantage
of a special provision in the Internal
Revenue Code for the gift to a charitable
organization like Wagner, of a remainder
interest in a personal residence (see WW
article). Although he's already made the
donation, he resides there and will continue
to do so until his death. When asked
why, Ted offers his thinking on the matter.
“I do not have any heirs,” he says, “and I
Joan Potts Brown ’57
Peter W. ’69 M’71 &
Melissa Latt Brown ’69
Doris Bensen ’44 M’64 &
Dr. Thomas Bucky
Benjamin A. ’48 & Rose Certo
Bessie Copper ’38 +
Patricia Swanson Costie ’57
Dr. Harold L. Crater ’60
John F. ’64 & Carol Gaise Crews ’64
Christopher Deane ’51
John Deane ’53
Dr. Theodore Dowd ’50
Stanley M. Ericsson ’59
feel that there is no one more deserving
than Wagner College to sell my home and
with the proceeds establish a scholarship, in
the name of my wife and myself, for deserving
students.”
When he was made aware of such a tax
advantage, Ted took to the idea almost
immediately. “I discussed the matter with
Wagner's advancement staff," he recalls.
"Since I have no immediate heirs, I do not
want distant relatives coming out of the
woodwork laying claim to my home after
I'm gone. So, I figured it's best to give the
house to Wagner right away.”
This is not Ted's first gift to the College.
A few years ago, he presented the school
with an original Wyland painting entitled,
“THE NEWBORN,” which now hangs in
the Spiro Sports Center. “The painting had
been in my private collection for almost ten
years during which time it had been viewed
only by invited guests and friends. I felt,
just like I’m giving my house, I should
share this beautiful painting with the students,
the alumni, and the students yet to
come.”
When asked his advice for others regarding
the donation of his residence, Ted does
not hesitate to say, “I would recommend
that they go right ahead and donate their
property to Wagner College.”
Anna R. Faires +
Earl L. Freese +
Rev. Robert J. ’56 & Edna L. Furreboe
Rev. Jerel W. Gade ’77
Rev. David C. Gaise ’35
Vincent L. Giacinto M’56
Joan A. Henke Gibney ’60
Gloria Rappold Greening ’43
Rev. David Greer ’50
Joseph R. Greff '66
Robert E. ’58 &
Cathrine Heller Gritman ’60
Dr. Miles Groth
Rev. Lyle R. Guttu
In 1944, just before he enlisted in the
United States Army, Robert Peirano
“walked up the pathway from Van
Duzer Street – the
back way – through
Cunard Hall” and
registered for accelerated
course work
at Wagner College.
“I lived in
Stapleton and every
day for three
months walked up
to go to school,”
until a few months
later when the Army
called and he found
himself landing in
LeHarve, France,
boarding a train
bound for Stahlberg
Germany, and landing
in the front lines
of the Second World
War.
Bob’ 50 and Muriel Peirano
“When I got back in
1947, there were
2800 students on the campus and Jeeps flying
everywhere,” Bob says referring to the
students drawn to college by the benefits of
the G.I. Bill, many of whom took advantage
of the surplus of Army vehicles. Bob
spent the next few years at Wagner, received
Maria Johanna Hall +
Walter G. Hartung ’58
Dr. Carol M. Haupt ’67 M’69
Dr. Walter C. ’71 &
Cynthia Duskin Hausheer ’71
Henry ’59 & Ruth Bergemann Heil ’59
Rita Ketcham Hein ’70 +
Richard A. ’66 & Margaret Herburger
Martin + & Anne Heyer
Dorothee Heins Holmstrup ’41
Anita Posselt Homer ’48 +
Richard M. Hooker Jr. ’69
Leroy N. Houseman ’55 M’57
Dr. Alphonse J. Iannacone ’48
BOB PEIRANO ’50
his education and found time to be a star
member of Wagner’s baseball team.
“My last year, Mr. Stutz (then head of
Wagner maintenance) hired us athletes, to
make a $.50 an hour to work on the
grounds. In 1949, my last year, one of the
last things we did was sod the whole football
field and construct the baseball field
you see now.”
Bob renewed his affiliation with Wagner’s
Ernie R. Jackson ’87
Gotfred C. Jacobsen ’54
Phyllis Jones ’65 +
Gail E. Kelley ’97
Leo Kennedy +
Reginald Kennedy ’56
Ted Klemens ’53
Dr. Gregory P. ’66 H’00 & Patricia Knapp
Rev. Howard Alexander Kuhnle ’29+
Helen Lahm +
Barbara E. White Lampman ’73
Fred W. Lange ’53
Paul A. Larsen ’68 M’74 +
Evelyn Goysick Larson ’66 &
athletic program years later after a career as
an efficiency expert with Ford Motor, Mack
Truck and Western Electric that took him
to New Jersey,
Michigan and
Maryland. He
became baseball
coach and golf coach
for 12 years. He also
helped lead the Sal
Alberti Memorial
Golf Classic for
many years raising
more $500, 000.00
dollars for the
College. He entered
the Hall of Fame in
2005.
On his gift of his
home to the
College, Bob says,
“We didn’t have any
direct heirs. We have
a lot of nieces and
nephews, and you
don’t want anybody
to feel left out.” He
and his wife considered how best to “be
remembered to the college” and like Dr.
Theodore Dowd, decided to take advantage
of the Internal Revenue’s “remainder interest
in a personal residence.”
He adds that he hopes others would, “do
the same darn thing.”
Nils Larson ’66
Douglas G. Lawrence ’52 + &
Elizabeth Hamann Lawrence ’52
Elsie Schatz Love ’50 M’61
Muriel Marshall +
Viola Wanzer Maxfield ’51 &
Earl E. Maxfield Jr.
James G. McCusker ’61
Eleanor S. Parsons Messner ’52
Christian W. Miller ’84
William James Mitchell ’59 +
Dr. Thomas G. ’65 H’00 &
Polly Peck Moles ’68
Dr. Joseph P. Monge ’34 H’81 +