A Financial and Charitable Planning Guide
Legacy of Psi Upsilon
Christopher W. Hart, Ph.D.: The Bonds of Brotherhood
Unto us has befallen a mighty friendship. —Psi Upsilon motto s a member of Cornell’s Chi chapter
and attention, Chris has included a
of Psi Upsilon, Chris Hart forged
provision for Psi Upsilon in his estate
firm and enduring friendships that
plans, a thoughtful decision that is a
have been a source of solace and
reflection of his personal values. As
stability for more than 40 years. Connecting with like-
an alumnus, he believes he has a
minded friends and sharing timeless values of tradition,
responsibility to provide and invest so
excellence, loyalty and brotherhood have provided both
that future generations will continue
gratification and guidance throughout his adult life. In
to have the kind of fraternal based
return, his dedication to the strength and well-being of
benefits that he enjoyed.
the Chi chapter has been unwavering.
In his professional life, Chris has promoted and pursued excellence
Leading the Way With Time and Talent
on many levels: He was a professor
Since his graduation from Cornell in 1972, Chris has
in the marketing department at
played an active and dynamic role in the chapter’s
pledge education program. Every spring for more than
management department at Harvard
20 years—until he moved from Boston back to Ithaca— each new pledge class spent an entire weekend at his home, enjoying a priceless introduction to the life
“Continuing to be an important part of an organization that has meant so much in my life is tremendously rewarding.”—Chris Hart, Ph.D. Continued on page 3
of their fraternal family. In addition to this gift of time
WHAT’S INSIDE? Thank you for your support! Your gift, large or small, makes a big difference to Psi Upsilon.
> Plain-Talk Estate Planning Answers > Make Your Gift Last Forever > Critical Conversations
Plain-Talk Estate Planning Answers
lanning for the future of your loved ones
make medical care decisions on your behalf, should
and the disbursement of your estate
you be unable to do so, and to articulate your wishes
can be challenging for many reasons.
regarding heroic, life-sustaining measures.
But, you’re not alone. Here we answer
questions frequently asked by your peers.
? Questions? Contact Mark Williams, executive director, at (800) 394-1833, Ext. 27, or visit our website at www.psiu.org today.
A HIPAA form authorizes the release of your medical information so your health care agent can
Q. Isn’t estate planning only for the wealthy?
make informed decisions for you.
A. “No, it’s certainly not,” says Barbara Kate
A durable power of attorney designates
Repa, a lawyer and journalist with expertise in
someone to handle financial transactions for you if
legal issues for consumers. You need an estate
you can’t. A power of attorney is revoked at death,
plan if you have children, strong feelings about
so be sure to name an executor in your will to handle
how you want your property handled after your
your financial matters after your death, says Donald
death or specific instructions about how your
Hamburg, an attorney with 40 years of estate
health care should be administered if you can’t
make decisions for yourself, she adds. Otherwise,
up battling it out in court to determine whether to
Q. I know there are products online that can help me draft a will and other estate planning documents, so do I really need to hire a lawyer?
continue life-prolonging measures for you if you’re
A. To get through the maze of regulations and
in a vegetative state.
laws, you need someone who is well-qualified,
a judge will name a guardian for your minor children if you die, state law will dictate who gets your belongings and your loved ones could end
Hamburg says. Even if you once used a self-help
Q. What does an estate plan entail?
product because your finances and circumstances
A. Here are the four essential parts of an effective
seemed uncomplicated, it’s strongly advised that
you take your documents to an attorney to look
A will takes care of such things as designating
them over, Repa adds. It’s especially important
the people and charitable organizations you want
for high net worth families to meet with lawyers
to receive any property that doesn’t have a built-
so their estates aren’t hit with larger tax bills than
in mechanism for distribution on death (as life
necessary, Hamburg says. Depending on where
insurance policies and retirement plans do) and
you live, expect to pay a lawyer $300 for a simple
naming a guardian for your minor children.
will and up to $1,000 to $3,500 for a comprehensive estate plan—a small price to pay to protect your
A health care power of attorney and living will lets you select a trusted person, your agent, to
loved ones from disinheritance or heartache.
Make Your Gift Last Forever
nnual support is the lifeblood of Psi Upsilon. Each year we rely on your gift, along with many others, to help us meet our
Christopher W. Hart, Ph.D.: The Bonds of Brotherhood
goals and make a difference in the lives of others. But have you ever thought about what will happen when
Continued from front
you’re gone? Without special measures, your support will die with you, and
Business School. In addition,
the loyalty you have shown us over the years will be irreplaceable. To ensure
he founded and served as
that our programs and funding do not suffer, please take time now to consider
president of the Spire Group,
leaving an endowed gift—a generous statement that will truly last forever.
management consulting and
How It Works
When you make an endowed gift, only a small portion of your gift will be
specializing in helping clients
spent each year, allowing the remaining amount to continue growing. That
portion of your gift will supplement our programs forever.
customer relationships. Earning
accolades for his teaching and his writing, Chris
continues to be an example of leadership in action.
A Brother for Life Today Chris Hart, his wife and two young
LET’S SAY YOU MAKE A GIFT OF $1,000 EACH YEAR, and we have a policy of spending 4 percent of our endowment each year. (We reinvest any growth over 4 percent.) To calculate the size of donation you should make to endow your annual gift, divide your annual gift amount ($1,000) by the amount designated in the spending policy (4 percent), and you get $25,000. By leaving $25,000 in your estate plans, you are virtually continuing your $1,000 annual gift indefinitely!
ENDOW YOUR GIFT* If your annual gift is:
Perpetuate it by giving:
* At a 4 percent endowment spending level, 25 times an annual gift amount equals an endowed perpetual gift.
children are living in Ontario, Canada, where they moved after leaving Ithaca last year. But miles do not matter when it comes to lifelong bonds: Chris remains as devoted as he has always been, a brother for life. As far as the Harts are concerned, Psi Upsilon is a welcome extension of their family.
Creating an endowment could be the most significant gift of your lifetime—a gift that lasts forever. If you would like more information on this or other giving opportunities, please call us today.
© The Psi Upsilon Foundation and The Stelter Company The information in this publication is not intended as legal advice. For legal advice, lease consult an attorney. Figures cited in examples are for hypothetical purposes only. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
Communicating Estate Decisions Now and Avoiding Confusion Later
expecting to receive an inheritance
How to Approach the Encounter 1. Decide if you want a trusted advocate with you,
don’t mind if their loved ones choose to
such as your attorney or financial advisor.
esearch shows that the majority of adults
leave 5 to 10 percent of their estate to
2. Schedule your discussion around an occasion that
a charitable organization.* Still, discussing financial and
celebrates your life and your family, when it’s natural
estate planning information with your family may be
for you to talk about life’s milestones and what’s
difficult, but the benefit of sharing your plans now is
important to you.
that you can avoid misunderstandings later.
3. Begin by openly sharing what you intend to accomplish through the financial decisions you’ve
Choose Whom to Involve
made. Common gift planning objectives include:
Consider family who need to be—or think they need to
• preserving your wealth;
be—in the loop. Your spouse, children, parents, siblings
• eliminating excessive taxes;
and even in-laws may have emotional connections to
• passing wealth to the next generation; and
your financial decisions.
• continuing your philanthropic support after you are gone.
4. Recap by explaining how philanthropy meets your charitable and financial goals. As long as they know where you’re coming from, your loved ones will likely support the decisions you have made. *Source: “2009 Stelter Donor Insight Report”
For more information, call or write: Mark A. Williams, Phi ’76 • Executive Director The Psi Upsilon Foundation • 3003 East 96th Street Indianapolis, Indiana 46240-1357 • (800) 394-1833, Ext. 27 Visit our website at www.psiu.org.