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Herbert Ernest: Keeper of the Flame

Herbert Ernest

Herbert Ernest, in the Ristorante Caterina de' Medici.

Just the mention of The Culinary Institute of America sparks Life Fellow Herbert Ernest's enthusiasm. "Going up to Hyde Park is always electric," he said. "It turns you on." A devoted supporter of the college, Mr. Ernest's passion for the culinary arts and desire to honor his father's legacy inspired him to make a planned gift and become a charter member of the CIA's Society of the Millennium.

His father, Semy Ernest, apprenticed with Auguste Escoffier before going on to lead prestigious hotel kitchens from The Addison in Detroit to The Plaza in New York City. "Before the second World War, my father always lamented that it was very difficult to interest young Americans in learning culinary skills," said Mr. Ernest."That's why he became so involved with the CIA." Following the elder Ernest's passing in 1985, Herbert Ernest took his place as Life Fellow of the college and donated his father's extensive menu collection to the library, perpetuating the family commitment to culinary education.No stranger to the kitchen himself, Herbert Ernest is a graduate of the Cornell Hotel School and was commanding officer of a quartermaster bakery company in the Army, where he and his men baked millions of pounds of bread during the North African and Italian campaigns in World War II. After the war, Ret. Lt. Col. Ernest married his beloved wife, Irene ("Buffy"), raised three children, had a successful 35-year career in the insurance industry-and never forgot his roots."To this day, being able to continue my father's traditions by supporting the CIA is my proudest activity.

"The Society of the Millennium honors philanthropic commitment to the CIA through planned giving, ensuring the college's continued growth and vitality. To learn more, please contact Hersey Egginton at 845-451-1299. 

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CONTACT THE OFFICE OF ADVANCEMENT:
Office of Advancement
1946 Campus Drive
Hyde Park, NY 12538-1499
845-905-4275
Email: advancement@culinary.edu
© The Culinary Institute of America. All rights reserved. Phone: 845-452-9600

A charitable bequest is one or two sentences in your will or living trust that leave to Culinary Institute of America 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 Culinary Institute of America [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 CIA 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 CIA 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 CIA 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 CIA where you agree to make a gift to CIA 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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