Planned Giving

pleasants_685x235

make hollins a part of your legacy

 

Good News: IRA Charitable Rollover reinstated as of December 16, 2014

 

Bequests

Reduce inheritance taxes by designating in your will specific gifts of cash, property, or a percentage of the remainder of your estate.

Sample bequest language

“I (name) of (city, state, zip), give, devise, and bequeath to Hollins University

  • (the sum of $_____)
  • (___ percent of my estate)
  • (description of property)
  • (the rest, residue, and remainder of my estate)

for its unrestricted use and purpose.”

Lead Trusts

Assets can stay in the family while your gift reduces estate taxes and supports Hollins.

Life Income Gifts

Gifts of appreciated property can generate income for you with positive tax benefits. Examples include gift annuities, and charitable remainder trusts.

Life Insurance

Designate Hollins as a beneficiary of a paid-up policy or a new policy, help the university’s future endowment, and get a tax deduction.

Retained Life Estate

You retain occupancy of your property for life, but give your primary or vacation home or farm to Hollins for her future benefit.

Retirement Plan

Name Hollins as a beneficiary of your IRA, 401(k) or other qualified plan and avoid the double taxation your retirement savings would face if you designate them to your heirs. Your plan administrator can provide you with the necessary documents to designate Hollins to receive a portion or all of your plan.

IRA Charitable Rollover Reinstated

On December 16, 2014, Congress reinstated the IRA Charitable Rollover provision which allows individuals aged 70 ½ and older to transfer their mandatory minimum distribution (up to $100,000) directly to qualified charities. You can make your mandatory distribution into a wonderful gift for Hollins. While you will be able to employ this provision in the upcoming filing season for the 2014 tax year, the package will expire again in roughly two-weeks’ time, on January 1, 2015. Take advantage of this giving opportunity before the IRA Charitable Rollover ends!

What this means for Hollins – and you

  • You must be at least age 70 ½ at the time of the charitable distribution.
  • You may distribute up to $100,000 for the 2014 tax year.
  • Call your financial planner to set up a transfer.
  • A distribution must be made directly from the trustee/administrator of your IRA directly to Hollins, satisfying the required minimum distribution rule (you cannot receive the distribution prior to gifting to charity without incurring tax liability).
  • No charitable deduction is allowed, but the distribution is excluded from your income for federal tax purposes.
  • Please notify Hollins of your intention.

How to make your gift

  • Contact your plan administrator to request a distribution from your IRA account to Hollins under the Charitable Rollover provision (see below for sample language).
  • It is important that you alert Hollins to the distribution so that we can monitor its receipt and provide you with the proper acknowledgement required by the IRS for charitable IRA Rollover distributions.
  • Hollins’ tax ID # is: 54-050-6314.
  • Your plan administrator should mail your distribution to: Office of Institutional Advancement, Hollins University, P.O. Box 9629, Roanoke, VA 24020.

Sample language for your IRA administrator
Here’s some sample language for your IRA plan administrator (always consult your financial advisor to determine whether using the Pension Protection Act makes sense for you and your personal financial situation):

Sample Language:

Congressional renewal of the IRA Charitable Rollover permits a rollover donation directly from an IRA to a qualified public charity. As the owner of IRA account [INSERT ACCT NUMBER] that is in the custody of your organization, I request that you transfer from that account the sum of $____________ to Hollins University Institutional Advancement, P.O. Box 9629, Roanoke, VA 24020-1629. The Tax ID Number for Hollins University is: 54-050-6314. It is my intention to make a Qualified Charitable Distribution (QCD) to Hollins University from my IRA, which may fulfill part or all of my IRA required minimum distribution for this year. This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please forward those to me for my signature.

Sincerely,
[Your Name]