Sandy Bernbaum '60: A connector by nature

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The Starbucks on Madison is Sandy Bernbaum's office away from home. He and his wife, Barbara, visit the store, just down the street from where they live, every morning. There, just as he did before he retired from running The Retirement Planning Co., you'll find him busy making connections and deals—often involving folks from the greater Lakeside community. (After being interviewed for this article, he was to meet up with a young Lakeside alum looking for investors in his startup.)

Call him a connector by nature. He follows in the footsteps of his dad, a nationally known innovator in the insurance business. "My father had charm, persistence, a lot of savvy, and an uncanny ability to strike deals," Bernbaum says. ";He had guts and he made a lot of phone calls.

"I like to think that I take after him."

After Bernbaum earned a degree at the University of Washington, he became a partner in his dad's pension and profit-sharing consulting business. He emulated his father's persistence—the most meaningful advice his father gave him over the years, he says, was ";stick with whatever you're doing at the time until you succeed"—and his courage to strike out in new ways. His dad put together the first insurance company-administered pension plan in this area, for the Rainier Brewing Co; negotiated one of the largest private pension funds in the country in 1954, for the Teamsters; and established Nordstrom's profit-sharing plan.

And like his father, the younger Bernbaum is active in community and charities. Lakeside is one of his focuses because of what the school has meant to him. He came to Lakeside in 1955 in 7th grade. Ask him for the names of his college profs and he'll draw a blank, but he quickly reels off the names of the Lakeside faculty "who had such a profound impact on my life: George Taylor, Bill Dougall, Jean Lambert, Doc Morris, Vern Parrington, Doc Naiden, Fred Bleakney, Mac McCusky, and Bob Spock."

As past president of the Seattle Association of Life Underwriters and the Estate Planning Council of Seattle, Bernbaum was a perfect volunteer for the Lakeside's Planned Giving Advisory Committee. One of the committee's founding members, he served from 2004 through last June. He was also on Lakeside's Alumni Board from 1967-1973 and was president from 1970-1972, which included serving on the Lakeside Board of Trustees. These were critical years in Lakeside's history because of the decision to merge in 1971 with St. Nicholas School.

A nice bonus for Bernbaum was that his daughter, Laurie Bernbaum '88, could attend the same school as her dad. Bernbaum also has a son, Joel, who attended Mercer Island High School.

Because planned giving is an integral part of the estate-planning process, and he spent his career helping others plan for the future, Bernbaum felt he should practice what he preached. He has designated planned gifts to Lakeside, the National Multiple Sclerosis Society, Swedish Hospital, Virginia Mason Medical Centers, and the Jewish Federation of Greater Seattle. Lakeside is fortunate to be the beneficiary of a portion of Bernbaum's retirement account. He selected this type of planned gift because if this portion of his retirement account were to be given to his heirs, they would have to pay income and estate tax. As a nonprofit organization, Lakeside does not pay tax on this gift.

"My life has been very full and complete," says Bernbaum, "and it only seems right to now give back to the best of my ability."

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

"I give to Lakeside School, a nonprofit corporation currently located at 14050 1st Ave NE, Seattle, WA 98125, or its successor thereto, ______________ [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 Lakeside 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 Lakeside 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 Lakeside 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 Lakeside where you agree to make a gift to Lakeside 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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