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Bequest Commitment Will Create Scholarship for Bryant Students Pursuing Financial Services CFP® Track

Christopher A. Chouinard

Christopher A. Chouinard '86

Christopher A. Chouinard '86 took a circuitous career path to arrive at his current vocation as a certified financial planner, but knows he has found the position that is a perfect match for his education, skills and passion. Combining an undergraduate degree in accounting, a fascination with financial technology tools and a sincere desire to help people develop superior personal finance habits and strategies, Chouinard is an independent financial planner specializing in asset management and retirement planning.

"I consider the CFP® as the gold standard in financial planning," Chouinard explains. "It's important to learn how to integrate all the parts of a client's financial life—insurance, investments, retirement, estate planning, cash flow—and have them all working together in a comprehensive plan."

That conviction has inspired Chouinard to make a $50,000 bequest commitment that will establish an endowed scholarship to support a Bryant undergraduate enrolled in the University's Financial Services CFP® track. The new program provides the education component that prepares students to take the certification exam immediately after graduation, giving them a significant advantage over peers from other universities.

"That's a great opportunity and allows students to get right into the field," Chouinard observes. He earned his CFP® designation in 2005, following related studies in financial planning and services at Boston University.

Including a bequest in his estate plan at this stage of life may seem premature, but Chouinard's instincts for personal finance and wise planning make it a natural decision.

"It's amazing how many prospective clients I meet who have not done any planning," he notes. "At age 55, I'm not old, but I have had friends in their 60s who met untimely deaths and it gives you pause."

He adds, "Because I had such a great experience at Bryant and have been involved in different ways over the years, I wanted to make sure that I remembered the school in my wishes. The financial planner in me wanted to have my own estate plan in place, of course, but it's also about thinking ahead and I encourage people to consider doing that."

A bequest commitment can open a world of opportunity for Bryant students. Share your inspiration by contacting Bob Ferrell at 401-232-6171 or rferrell@bryant.edu.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Bryant University 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, [name], of [city, state ZIP], give, devise and bequeath to Bryant University [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 Bryant University 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 Bryant University 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 Bryant University 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 Bryant University where you agree to make a gift to Bryant University 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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