The Stapleton Society
The Stapleton Society was established for those alumni and friends of the Cleveland-Marshall College of Law who have included the law school in their estate plans through wills, trusts, and/or other types of planned or deferred gifts. The society is named in honor of Wilson G. Stapleton '34, who served the Cleveland-Marshall College of Law for 32 years. In 1935 he joined as a member of the faculty and then served as our Dean from 1946-1967.
It is fitting that the Stapleton Society, our legacy society, recognizes those who have made a deferred commitment to the Cleveland-Marshall College of Law through any one of a number of vehicles, including insurance policies, annuities, IRAs and real estate or other bequests.
Members of the Stapleton Society may choose to support the Cleveland-Marshall College of Law for many reasons:
- To help provide educational opportunity to others
- To express gratitude for their education
- To preserve the memory of a loved one or the family name
- To provide for their own future with lifelong income
- To educate their heirs about the importance of "giving back"
- To provide a fund for family philanthropy
Ways that you can provide for the Cleveland-Marshall College of Law:
Gifts within an Estate Plan:
Gifts by Will
You can bequeath:
- A specific item such as shares of stock, real estate, etc.
- A stated sum of money
- A percentage of the entire estate
- The "rest, remainder, residue" of your estate after all distributions are made
You can name the Cleveland-Marshall College of Law as the beneficiary of an individual or group life insurance policy. This gift can provide the way to make a significant contribution with a relatively small expenditure. The policy proceeds will not be subject to estate taxes. If you also name the law school as owner, current premium payments, if any, generally qualify for an income tax deduction.
You can designate the Cleveland-Marshall College of Law as the beneficiary of your retirement plan. This is often considered one of the smartest assets to leave to a charity. Retirement plan assets are subject to both estate and income tax when received by heirs. After both taxes are levied heirs often receive only a fraction of the original value. All these taxes can be avoided when the law school is the beneficiary.
Gifts that Provide an Income for Life:
Charitable Remainder Trust
A charitable remainder trust is a formal trust arrangement that can help protect your assets and reduce your taxes. Generally a charitable remainder trust is designed for a gift of $100,000 or more. The trust makes payments to you and/or your designated beneficiaries for your lifetimes or for a set term of years. Then the principal would be distributed to the law school. Charitable Remainder Annuity Trusts give you the security of a fixed payout. Charitable Remainder Unitrusts offer the potential for rising payments over time; however, if the trust value falls, unitrust payments decrease.
Charitable Lead Trust
A charitable lead trust allows a donor to transfer assets to a trust to provide for a lead interest to the law school equal to a fixed annual amount or percentage for the duration of the trust, either a specific term of years or lifetime. Then the remainder passes to family beneficiaries with no estate tax and little or no gift tax.
Charitable Gift Annuity
A charitable gift annuity is a simple contract between you and the law school. In exchange for your gift of cash or marketable securities, you or your chosen beneficiary are paid a fixed annual percentage of the initial value of the gift for the remainder of your or your beneficiary's life. This approach can offer optimal current income potential for older donors. Younger donors can establish a gift annuity now and defer payments until a future date when income needs may be greater.
For more information on establishing any of these plans, please consult your tax advisor. If you have a question about the Stapleton Society or want to make a planned gift, call or e-mail Amy Miller, Director of Alumni and Donor Relations, at 216-687-2537 or firstname.lastname@example.org.