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A Meaningful Legacy

Janet and Lloyd Bauer

Janet and Lloyd Bauer

Lloyd Bauer's parents did not attend college, but they did encourage him to go because "education cannot be lost, stolen or bartered." He was recruited by legendary coach Ned Harkness in 1951 to play hockey for RPI after winning two Connecticut State Hockey Championships with his high school team, and he had the thrill of a lifetime playing on RPI's 1954 NCAA Division I Championship Team. Lloyd still maintains contact with his teammates and often reflects on the important life lessons of sportsmanship, achievement, and dedication that Coach Harkness taught him.

Lloyd graduated from Rensselaer in 1955 with a B.S. in Metallurgical Engineering. He entered graduate school at Yale University in 1957 and received degrees of M. Eng. in 1959 and Dr. Eng. in 1961. He married his wife Janet in 1959, and they have one son, one daughter and three grandchildren. Lloyd is Professor Emeritus at Carnegie Mellon University where he served on the faculty for nearly 40 years.

More than 10 years ago, Lloyd planned a significant gift to Rensselaer through his will to endow The Charles W. and Dorothy F. Bauer Scholarship in memory of his parents who had given him the gift of education. Lloyd and Janet have made several gifts to the fund over the years, but most of the money for the scholarship will come through their estate.

After securing financial security for his family, Lloyd realized he wanted to do more for Rensselaer and the sport that has meant so much to him. In 2014, he and Janet met with Coach Seth Appert and former Athletic Director Jim Knowlton to learn about different ways to make a lasting impact on the hockey program. It didn't take long for Lloyd to realize he could maximize his impact on Rensselaer hockey by endowing the men's coach.

After meeting with Art Tracy of the Gift Planning Office, Lloyd and Janet decided to use the now-permanent IRA Charitable Rollover law and real estate to fund a significant portion of the hockey coach endowment. In what is known as a retained life estate, they deeded the remainder interest in two homes to Rensselaer while retaining full use of the residences for the rest of their lives. This will significantly reduce their income taxes for six years and eliminate work for their executor because the properties are no longer part of their estate.

Lloyd is quick to point to something much greater than tax and estate planning benefits. He says, "Giving, not spending, brings me greater fulfillment." Clearly, he and Janet have been good stewards of their finances over the years and this has allowed them to create a very meaningful legacy.

Contact Art Tracy '92 MS today at 518-276-2561 or to discuss how you can use real estate or other gift planning options to create a meaningful legacy.

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

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