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Why I Give: Q&A With Lynn Hodge ’68

Lynn Hodge

Lynn Hodge ’68

Q: Tell us a little about your life today.
A: Life today at the retirement community where my partner Barbara and I moved in 2017 has been both easier and more confined than for many during this pandemic. As part of a continuum of care, we’ve really been staying close to home, venturing out only when needed. Services like meals—and now vaccines—brought to us have greatly helped. We’ve read, watched programs, expanded computer skills and exercised regularly. Now we are looking forward to greater freedom of movement to come.

Q: What is your fondest memory from the College?
A: When I recall college memories, my fondest is actually the wonderful 50th reunion the class of ’68 enjoyed. From about 15 participating for our 40th, we grew to almost 95 for our 50th. With that many on campus again, the spirit of friendship that we knew and valued all those years ago and have continued to appreciate was rekindled in new ways. For those of us who worked on the various aspects of planning, it was particularly gratifying to see the enthusiasm translated into monetary support beyond any expectations.

Q: What was your favorite tradition?
A: We sang of sisterhood many times over the four years we shared long ago. We continued that tradition as we sang our own stories together that reunion weekend.

Q: Why do you support the College with a planned gift?
A: I support the College with a planned gift because I consider it one of the institutions that formed me and that has served me well over the years. When I see how we have managed recent difficult transitions and listen to current students describe their lives today, I feel even more convinced that this is a place I want a significant portion of money that remains after me to support.

Q: Why is it important for people to give to Randolph?
A: As I said to classmates as we raised our reunion class gift, supporting the College now and in times to come expresses who we are as alumnae and our appreciation of all the College has meant to us.

Q: What advice would you give to a new graduate?
A: To a new graduate, I say the same as to myself: Take care of yourself, pursue things important to you, and keep eyes up and open to being helpful when and wherever you can.

Show Your Appreciation

Like Lynn, you can make a gift that expresses your gratitude for a Randolph College education. To learn more about gift-giving opportunities that meet your needs and support our future, contact The Planned Giving Office at 434-485-8050 or plannedgiving@randolphcollege.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to Randolph College 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

Bequest Language

"I give, devise, and bequeath to the Trustees of Randolph College (founded as Randolph-Macon Woman's College in 1891), a corporation located in Lynchburg, Virginia (the College), the sum of $_____ dollars [or property, securities, etc.], to be used for [describe the purpose in as broad and simple terms as possible], or in the event that such use shall in the judgment of the Board of Trustees of the College become impracticable, said trustees may use the bequest for other purposes as nearly akin to the original purpose as they judge will help advance the aims of the College."

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 the College 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 the College 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 the College 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 the College where you agree to make a gift to the College 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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