Wills, Trusts, and Estates

Gift Planning: Investing in the Future of the University

A growing number of alumni and friends invest now in the University’s future by including UVA as a beneficiary of their wills, charitable trusts, and retirement plans. Many make a gift now to the University and receive income for the rest of their life. Gifts like these can offer you and your family significant tax benefits as well as greater financial flexibility in meeting your personal and philanthropic goals.

Plans from your estate

Plans that pay you an income

Other types of gifts

  • Real Estate
  • Personal Property
  • Privately Held Stock

IRA Charitable Rollover law is now permanent!!!

Congress passed the IRA Charitable Rollover into permanent law, and the President signed the bill Friday, December 18. While the law is retroactive to Jan. 1, 2015, its late passage left little time to make an IRA gift in 2015.

From now on, however, you can plan ahead to make an IRA rollover gift every year. The new legislation does not have an expiration date.

Why pay taxes on your RMD (required minimum distribution)?

If you are 70½ or older, you can use your RMD to make a charitable donation by transferring it directly to the University of Virginia.

Here is a recap of the IRA charitable rollover rules:

  1. You must be age 70½ or older on the day you make the gift.
  2. You may transfer up to $100,000 directly from an IRA to the University of Virginia or other qualified charity. This opportunity applies only to IRAs and not to other types of retirement plans.
  3. If you made a gift in 2015 of up to $100,000 directly from an IRA , the gift will qualify under the new law.
  4. The gift can satisfy all or part of your required minimum distribution for the year.
  5. You pay no income tax on the gift. The direct transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize tax deductions.
  6. You may not use the rollover to fund a deferred gift that pays you income.*
  7. If you intend to make a gift to a supporting foundation of the University, make sure that it qualifies for the IRA Charitable Rollover according to IRS rules.

*Be sure you talk to your tax and financial advisor. The Office of Gift Planning and the University of Virginia have offered this information as guidance, not as legal advice.

Follow in the Footsteps of the Founders

Donors like you have a long tradition of making planned gifts that continue to provide a secure foundation for the University’s future.

Through his will, Thomas Jefferson gave the University part of his personal library (the rest went to the Library of Congress). James Madison also included UVA in his will, giving both money and volumes from his own library. Madison’s gift of $1,500 established the University library’s first endowment, which still provides funds annually for the purchase of books.

Personal Representatives and Professionals

If You Are a Personal Representative, Executor, Trustee or Associated Professional
Settling the estate of a family member, friend, colleague or client can be a challenging task. If you are responsible for administering a bequest or other estate gift to benefit the University, or a specific University school or program, please contact Spring Dodge in the Office of Gift Planning. Spring can provide whatever information or assistance you may need to ensure that our donor’s intentions are honored.

To contact Spring, call 434-924-6029 (direct) or email gsd8n@virginia.edu.

To send correspondence or documents, see below:

Regular Mail
Spring Dodge
UVA Office of Gift Planning
P.O. Box 400807
Charlottesville VA 22904-4807
Express Mail
Spring Dodge
UVA Office of Gift Planning
400 Ray C. Hunt Drive
Charlottesville VA 22903

A Secure Future—With a Heart

The Casscells family has an extraordinary connection to the University of Virginia. Within three generations, they can count nine UVA graduates and one current student. But the family connection extends far beyond that.

Read the Casscells’ Story »

Learn about Charitable Remainder Trusts »

Contact

Jason Chestnutt, CFP®
Office of Gift Planning
Telephone: 800-688-9882
Email: giftplanning@virginia.edu