A Meaningful Legacy
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.