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IRA Charitable Rollover—"A practical way to give."

Johanna Warloski

Johanna Warloski took advantage of the extended IRA Charitable Rollover to make her annual distribution gift to the Taminiau-Warloski Scholarship, a fund she established for students majoring in history, art or jazz studies along with her late husband, Ron, a longtime professor of history who also served as chair of the department.

"I do enjoy the letters of the recipients of the rewards as their notes tell stories of expanding horizons, commitment to excellence and service to community," said Warloski, who also supports study abroad and the Maxwell Schoenfeld Distinguished Professorship, which funds teaching and research by one faculty member each year who demonstrates a commitment to learning and life in the humanities.

"The rollover is a practical way to give as it is easy and eliminates taxes," Warloski said.

Under the extended charitable IRA legislation for 2013, for people 70½ or older, charitable gifts may be made now to University of Wisconsin-Eau Claire Foundation, Inc. using funds from individual retirement accounts without undesirable tax effects.

"Our gifts to the university have always been a way to give back for all the blessings we have received being part of the university community," said Warloski, of the 34 years she and her husband spent with UW-Eau Claire. They became close friends with the late Schoenfeld, a beloved history professor on campus, later honoring him with a major gift to his named fund.

"This commitment to the university is important to me as it is a part of remembering my husband and Max, both of whom were dedicated teachers and inspired many of their students to lifelong learning," she said. "Anything that we can do to inspire and affirm the studies of the current student population is rewarding."

The Taminiau-Warloski Scholarship was established to recognize, encourage and reward students who have demonstrated a broad cultural perspective beyond their chosen major. Students who have combined such an outlook with a record of community service and strong ethical standards are favored for the award. In selecting the recipient, emphasis is to be placed on the qualities of character and commitment to the humanities and societies rather than on grade point average or other criteria.

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A charitable bequest is one or two sentences in your will or living trust that leave to University of Wisconsin-Eau Claire Foundation 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

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 University of Wisconsin-Eau Claire Foundation 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 University of Wisconsin-Eau Claire Foundation 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 University of Wisconsin-Eau Claire Foundation 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 University of Wisconsin-Eau Claire Foundation where you agree to make a gift to University of Wisconsin-Eau Claire Foundation 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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