About Planned Giving
A planned gift, such as a charitable gift annuity, charitable remainder trust, or a pooled income fund, can be another option to support the goal of our class gift. It can provide a great way to balance personal financial needs with a generous gift to the Schlesinger, possibly one more generous than you had thought possible.
Planned gifts are especially attractive to people our age. In most cases, we can receive a higher income than from CDs, mutual funds, stocks and savings accounts, and we and/or another person we designate will receive this income for life. We also will get a tax deduction for a portion of the gift. And our gift is counted in the class totals. This is a winning combination!
Bequest intentions also can generously support the Schlesinger Library. Over the years, Radcliffe has benefited from a large number of bequests of all sizes that add over a million dollars of support each year.
Outlined below is some information about planned giving. Diane Mercer in the Radcliffe Institute Development Office would be happy to answer any questions you may have. She can be reached at 617-496-4166 or via e-mail.
Know that the Institute is now able to work with the professionals in the University Planned Giving Office and Diane will be able to introduce you to the Radcliffe contact there. She also suggests that you visit the Harvard Planned Giving website. Not only does it further explain the different kinds of planned gifts, it also has a very helpful Q&A about planned giving.
Planned Giving Options
A charitable gift annuity provides a fixed guaranteed annual income for life for you, and/or your spouse or another beneficiary, such as a friend or family member; a higher rate of return than most traditional investment options; and a charitable tax deduction.
A charitable remainder trust has advantages similar to those listed above, but the income is variable and the principal can be invested with the Harvard endowment, long known for benefiting from sophisticated investment strategies. The minimum gift for the trust is $100,000.
A pooled income fund, like a mutual fund, pools your contribution with those of other donors. It, too, provides income during your lifetime and a charitable tax deduction.
Each of these planned gifts can be funded easily with low yielding CDs or stock that pays minimal dividends or would incur considerable capital gains tax if sold. Annuities and trusts also can be funded with real estate or other types of property. The planned giving office will assist you in making any of these transactions.
You will receive 50th reunion credit for a gift to create an annuity or a trust or to a pooled income fund. If you choose to create a planned gift with a Harvard spouse, you both will receive credit.
A bequest, in many cases, can be a means of making a most generous gift and the Radcliffe Institute is grateful to alumnae for this kind of support. Unfortunately because bequest intentions are revocable, we cannot count them in our class totals.
In order to receive a tax deduction for the 2006 tax year, your gift must be made before December 31, 2006. The deduction for a gift made after this date will be applied against your taxes in 2007.
Tax-free IRA Rollovers. Recently signed into law, the IRA rollover provision allows otherwise taxable distributions of up to $100,000 yearly from an individual retirement account (IRA) to be excluded from gross income when used to make charitable gifts.
To qualify for IRA rollover treatment, the donor must be at least age 70 1/2 and must direct the IRA manager to transfer funds directly to Harvard. Please indicate that the gift is to the Radcliffe Class of 1957 Schlesinger Library Fund at the Radcliffe Institute for Advanced Study. The gift qualifies as part of the donor's Required Minimum Distribution for the year of the donation.
As it stands, the new law will be in force only during 2006 and 2007, and it does not apply to life-income gifts such as the charitable trust or the gift annuity.
For more information contact Diane Mercer via e-mail, or call her at 617-496-4166.
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