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Legacy Planning

Have you decided to include the Canton College Foundation in your estate planning? A gift to the Foundation through your estate can help you create a lasting legacy at SUNY Canton. Continue reading below to learn more about including the Canton College Foundation in your estate plans.

There are several ways generous alumni and friends can prepare to recognize SUNY Canton in their estates:

 


Bequest

A bequest is a provision for a gift of an asset or assets in one’s will or living trust. For example, you may choose to leave the balance of a savings account, an art collection, or a house to SUNY Canton. If you’re considering leaving a gift of property, such as a house, vehicle, boat, etc., please consider notifying the Canton College Foundation of your intention.

When adding the Canton College Foundation to your estate plan, please provide your attorney with the following information:

Canton College Foundation, Inc. Federal Tax ID #23-7392114, 34 Cornell Drive, Canton, NY 13676

 


Beneficiary Designation

One of the simplest ways of including the Canton College Foundation in your estate plans in through a beneficiary designation on a life insurance policy or financial account. Many financial institutions allow you to make changes to your beneficiary designation online. A beneficiary on an account, such as an IRA, is that the account will bypass probate and immediately fulfill your wishes at the Canton College Foundation.

You may need the following information to add the Canton College Foundation as a beneficiary to an account:          

Canton College Foundation, Inc. Federal Tax ID #23-7392114, 34 Cornell Drive, Canton, NY 13676

 


Life Income Gifts

The Canton College Foundation offers two ways for an individual to both make a gift to the Foundation and receive a stream of income in return. This can be done via a Charitable Gift Annuity or Charitable Remainder Trust.

 


Charitable Gift Annuity (CGA)

A CGA is a simple, tax-wise, agreement between the Canton College Foundation and an individual. The individual agrees to donate funds in exchange for a fixed stream of payments for the remainder of the individual’s life, or the remainder of their and their spouse’s life, as well as an up-front tax deduction. The stream of payments may also be partially tax-free. For instance, John Doe (age 70) donates $10,000 to establish a CGA with the Canton College Foundation. In return, the Canton College Foundation pays John a 5% annuity for the rest of his life in annual payments of $500, a large portion of which is tax-free. John is also able to receive a tax deduction for making the gift, based on his age. Upon John’s passing, the Canton College Foundation receives the remaining principal to fulfill John’s philanthropic wishes.

Annuity rates are based on the American Council on Gift Annuities (AGCA) recommended rates. The AGCA studies historical market returns, IRS life expectancy tables, and other factors in order to recommend conservative rates that aim to provide the charity with at least a 50% residuum of the CGA upon the donor’s passing.

It is also important to note that a Charitable Gift Annuity is different from a commercial annuity. While, depending on your situation, there could be benefits to a CGA over a commercial annuity, a CGA is ultimately a charitable gift.

Please contact the Office of Planned Giving for more information on Charitable Gift Annuities.

 


Charitable Remainder Trust (CRT)

A CRT is similar to a CGA in that an individual decides to make a gift to the Canton College Foundation in return for income payments. There are many different types of CRTs, the most common being the Charitable Remainder Unitrust (CRUT). A CRUT provides a fixed percentage payout of the principal, which may change each year as the value of the principal fluctuates. While a CGA’s payments always remain the same, a CRUT offers the ability to increase income flow as the principal grows, combatting inflation. It is important to note that income could decrease if the principal decreases with the market. Depending on the individual’s financial situation, establishing a CRT could generate a tax deduction or tax-reduced income.

Please contact the Office of Planned Giving for more information on Charitable Gift Annuities.

 


Payson-Martin Society

Established in the late 1990s by a group of dedicated and caring alumni and friends of SUNY Canton, the Payson-Martin Society celebrates those who have notified the Canton College Foundation that they have made a deferred gift arrangement to support the College.

The Payson-Martin Society is named in honor of two extraordinary benefactors of the College, the Society recognizes the vital role benefactors have played over the century in helping Canton emerge and maintain itself as the preeminent college for affordable, technically-minded, higher education in Northern New York. Membership in the Society involves no extra obligations, yearly pledges, or solicitations, but it allows the college to thank you and give recognition for the plans you have made and generosity it may inspire in others.

About Payson and Martin

Dr. James M. Payson served the College for 22 years, including two years as Director from 1917 to 1918, and was one of the most beloved figures from the School of Agriculture (SOA). Many referred to him as a "founding father," prolific educator, and an amicable friend. Dr. Payson shaped many students' lives and was a strong advocate for the school that he took great pride in seeing grow. Dr. Payson was also responsible for preserving the early history and heritage of the college in his work entitled, A Brief History of the State School of Agriculture. He was dedicated to providing a promising future to his students and future students of the College. Dr. Payson's work epitomizes the mission of the Payson-Martin Society.

Edson A. Martin donated the land that the SUNY Canton campus is built upon. When talks surfaced of the possibility of moving the College out of Canton, Martin gave the farm property in the northwest edge of the village to ensure the College didn't leave the community. His gift provided the space for the campus to evolve into a leading college in the North Country and assured its future. A great leader in the North Country, Edson Martin has left a legacy at SUNY Canton for generations to come. His generosity and vision continue to impact the lives of our students every day. These men were leaders for their time. Their common vision was to provide an opportunity for students to receive an outstanding, hands-on education and ensure that the North Country had access to this education. SUNY Canton established the Payson-Martin Society to carry forward their vision and passionate dedication to the value of a SUNY Canton education. The Society honors all those who plan deferred gifts to SUNY Canton and continue the tradition of investing in our current future students.

Join the Payson Martin Society
If you would like to notify the Canton College Foundation of your deferred gift arrangement or have questions about joining the Payson-Martin Society, please contact the Office of Planned Giving at (315) 386-7844, or email us at plannedgiving@canton.edu.