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Gift Planning

IRA Rollover Gifts--Nancy and Bill Newmeyer '57

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"I've set foot on every continent, including Antarctica," says Bill Newmeyer '57. "That was a rough trip, and one my wife chose not to experience!"

Bill and Nancy travel from their home base in San Francisco Bay area where they've lived for several decades. Recent trips include visiting the Panama Canal and Costa Rica, attending a friend's wedding in Spain ("If you're already there, you have to see a bit of the country."), and they're looking forward to a return visit to India in a few months. This time the itinerary will cover the southern part of the Sub-Continent. (Bill recommends the movies, "Monsoon Wedding" and the 2007 release "Namesake.")

After graduating from Haverford with a degree in chemistry, Bill and some twenty of his classmates went to medical school. Bill went to Cornell (now Weill Cornell) in Manhattan. Trained as a general surgeon, he served an army tour in Korea, working in a M.A.S.H. which he says was very much like the movie and television program. Upon returning to the United States, Bill became a hand surgeon and practiced until his retirement in 1999.

There's no question that retirement suits the doctor. Bill's an avid bicycler, and he enjoys volunteering at the San Francisco Mechanics Institute Library and Chess Club where he serves on the board of directors. He and Nancy are involved in book clubs through the library and he finds it a congenial place to spend time—all those newspapers and periodicals to read!

Then there's the travel. Enjoying good health and a healthy financial situation, the Newmeyers appreciate the chance to continue to learn about the larger world—an interest that Bill partly credits to the liberal arts education he received at Haverford. He especially remembers the thrill of freshman English where the students read a book a week and wrote a report. Then small group discussions required them to defend their ideas and intellectual rigor was demanded.

Bill also recalls Andy Scott's political science classes which opened him up to politics—an interest he retains as an "interested observer and financial contributor" in the district represented by Nancy Pelosi.

Aided by his financial advisor, who happens to be his son, Bill and his wife reviewed their finances when the law on giving an IRA to a charity was passed. They concluded that the tax advantages to making such a gift were worthwhile, and that they were fortunate that their family situation allowed them to make Haverford (and several other charities) the beneficiaries of two IRAs. "It's the proverbial win-win situation," Bill states. "I feel good about this move and hope other Haverford alumni will follow our example."

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Haverford College 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 Haverford College, a nonprofit corporation currently located at 370 Lancaster Avenue, Haverford, PA 19041, 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 Haverford 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 Haverford 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 Haverford 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 Haverford where you agree to make a gift to Haverford 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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