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Important for the Future: Alumna Leaves Gift for the Next Generation

Laurinda J. MacKinnon Laurinda J. MacKinnon has three degrees from Rensselaer Polytechnic Institute and aims to make it easier for others to have the same opportunity.

Laurinda, a plant manager for Alcoa, has been a loyal donor to the school for years and recently decided to establish a scholarship through her estate.

"RPI served me well," she says. "It was such a good place for me. Any person I can spur to stay in school at a place I love can only be good."

Laurinda chose RPI because of its smaller size and the caring way she was treated. At RPI, she appreciated the professors' real-world experience and the various opportunities to be involved in school activities, including sports. She earned her bachelor's in materials engineering in 1986, a master's in industrial engineering in 1987 and an MBA in 1990.

"Engineering taught me how to learn, how to ask why, how to explore problems," says Laurinda. "My industry has a lot to do with materials, so I'm really able to understand why the metals work the way they do."

Leaving a Legacy
Her decision to establish a scholarship was prompted by her parents' passing and how they gifted their money.

"I just think it's important to do what I can for the future," she says. "You can't take it with you, and RPI was really good for me. I want to leave a legacy, not necessarily for fame but because I think it's the right thing to do."

It's Your Turn
You can help future generations of students earn a Rensselaer degree by creating a permanent scholarship through your will or living trust. Please visit us at www.alumni.rpi.edu/bequest for suggested legal language.

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to Rensselaer Polytechnic Institute 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 Rensselaer Polytechnic Institute, a nonprofit corporation currently located at 110 8th St., Troy, NY 12180-3590, 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 Rensselaer 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 Rensselaer 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 Rensselaer 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 Rensselaer where you agree to make a gift to Rensselaer 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.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.