People are often unsure of the definition of 'planned giving.' A gift is 'planned' to the extent that the donor purposefully integrates a charitable gift into the donor's overall financial, tax, and estate planning. A 'planned' gift enables a donor to make a positive financial difference for the donor and for his family, while also making an important gift to Penn State Schuylkill. Planned gifts are often thought of as 'leaving a legacy' that benefits not only the donor and the donor's family, but also future generations.
Under the right circumstances, a planned gift can provide a donor and his family with a variety of benefits including:
• Increasing current income for the donor or others;
• Reducing income and/or estate taxes;
• Passing assets on to family members at reduced tax costs;
• Making an important gift to Penn State Schuylkill.
Planned gifts can be made using many different kinds of assets. Most planned gifts are made with cash or appreciated marketable securities. However, depending on the donor's particular circumstances, gifts are often made using qualified retirement account assets, real estate, insurance policies, and even artwork or business interests.
Love for Penn State and Philanthropy Grow Hand in Hand
“He was your typical Penn State alum,” Betty says of her husband, a 1948 graduate of Penn State, who attended two years at the Schuylkill campus, spent two years in the Army, then finished at University Park. “He was so involved and committed.” Over the years, Betty found herself catching the fever. Today she even serves on the Penn State Schuylkill Advisory Board, a position that a Tobias has held since its inception 75 years ago.
Through Betty’s love for tennis, she also found a way to make a difference for Schuylkill students. Years ago, disappointed by the state of the tennis courts, Betty asked Roger if they could make a donation for their improvement. Roger didn’t live to see the upgrades, but Betty was thrilled with the results.
From there, her giving grew. Next, Betty funded landscaping around the courts; then she donated a clock in memory of Roger and his family. To make sure the courts are maintained, she has designated a gift in her will for their upkeep.
Perhaps most gratifying to her, however, have been her gifts to fund scholarships. “I feel so privileged to be able to do this,” Betty explains. Each year, she cherishes the opportunity to read a letter from the recipient and to feel a small part of the student’s life.
Roger was equally generous. Before he died, Roger set up a deferred charitable gift annuity to make lifetime payments to the couple. Since his death, Betty has been able to count on the regular payments, which she greatly appreciates. When she passes away, the remainder will fund scholarships on the campus.
“Betty Tobias is a truly special friend and supporter of Penn State Schuylkill,” Chancellor Dr. R. Keith Hillkirk says. "Virtually everyone on the campus knows and loves Betty and has been touched by her generosity and kindness.”