Clinton Charter ’61 (CANR) has seen Connecticut’s agriculture industry from the perspective of his family’s second-generation dairy farm in Ellington, Conn., as well as from 40 years of working both with the Connecticut Extension Systems and in the business of farm lending and management.
Now he is helping tomorrow’s agriculture students with a significant planned gift to support the College of Agriculture and Natural Resources.
“Throughout my life, I’ve valued the education and the experience that I had at UConn,” he says. “I can see that my management and agricultural economics courses helped me throughout my career. Now, through this gift, I’m able to give something back.” Charter, 67, is recently retired but still works part-time as a realtor in South Windsor. The gift will come from a 401(k) account that he grew during his years working in the credit business.
“Giving to UConn through a beneficiary designation in a retirement plan such as a 401(k), 403(b) or IRA is an ideal way to benefit future generations of students,” says Hal Reed, assistant vice president for planned giving at the UConn Foundation. “If such plans are left to heirs or other loved ones, these individuals will be required to pay income taxes on any distributions from such an inherited plan. Federal and state estate taxes may apply as well, bringing the tax bite in some cases up to 80% or more. By designating a charitable organization such as the UConn Foundation as a beneficiary or partial beneficiary, taxes are avoided.”
Reed also points out that a law enacted last year allows tax-free gifts to be transferred during life directly from IRAs to organizations such as the UConn Foundation. This law, in effect only for 2007, allows for charitable IRA transfers up to $100,000 by donors aged 70 1/2 and over.
Clinton Charter says he appreciates the fact that his gift helps both UConn and his own financial situation. “The gift offers an estate planning benefit to me,” he says. “And I would hope that it makes it possible for students who need assistance to get an education. I want to help foster a system that helps students who need it.”
To support UConn through planning giving, or for more information, please contact Hal C. Reed, J.D., CFRE, assistant vice president for planned giving, at 860.486.6135 or by e-mail at hreed@foundation.uconn.edu.
