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Dream Home Turns Into Gift of a Lifetime

McClintock

"When asked one time to what did I attribute my success in the corporate world and elsewhere, my answer was 'Good luck and a good education,'" says Thomas McClintock '47. Now ready to pass on the same opportunities, Tom and his wife, Judy, have made a significant gift to fund scholarships for generations to come.

Tom first came to Rensselaer as an aviation cadet with the Navy during World War II. Later, he returned to obtain his master's degree in chemical engineering and went on to a successful 40-year career with Merk & Co. While his career shifted from engineering to general management, his education always influenced him. He explains, "The general application of the scientific method and the logic of engineering helped me a lot in making major business decisions."

As Tom's success grew through the years, he and Judy were able to invest in a property he had obtained while pursuing his master's degree. At perhaps the highest residential site in the Adirondacks, Tom and his fraternity brothers had built a small hunting shack. Eventually, the McClintocks built a beautiful home with every amenity available, in addition to a nearby guesthouse, on the 11 acres.

Since that time, Tom and Judy have retired to Evergreen, Colo., to be closer to their children. Recently, they decided it was time to let go of their beautiful second home.

"With the enthusiastic support of my wife and family we decided to donate this property to help finance a scholarship at Rensselaer," Tom explains. The McClintocks transferred ownership of the property to the Institute and plan to make additional gifts to the fund. The trust will pay income to Tom and Judy for the rest of their lives, and then the remainder will be used to endow a permanent scholarship fund. "Hopefully, this gift will help bright young people from high school to take up an engineering education, as well as support ones who stay on for advanced studies," Tom says.

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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, [name], of [city, state, ZIP], give, devise and bequeath to Rensselaer Polytechnic Institute [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 gift 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 receive an immediate federal income tax charitable deduction. 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 receive an immediate federal income tax charitable deduction. 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.

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