For Joey Bohl, the University of Wisconsin-Eau Claire was among the organizations she felt most passionate about when she and her husband, Ralph, determined where to focus their charitable giving.
That's no surprise, when you consider that not only did she graduate summa cum laude from UW-Eau Claire with her bachelor's degree in communication arts, she also has worked there for 22 years. Joey currently is an assistant director of Admissions at the university.
Below, Joey discusses how she and Ralph decided to include the UW-Eau Claire Foundation in their giving plans, how they determined which planned giving options were the best fit for them, and what they hope the impact of their gift will be at UW-Eau Claire.
Why did you decide to make a planned gift to the Foundation?
Ralph and I made a conscious decision to look at areas that impacted our lives such as school/organizations/places or areas we felt passionate about and include those in our giving. We wanted to make sure they continued to make an impact on other people even after we are no longer here.
Did your experiences here as a student and now as a university employee come into play in your decision?
Most definitely. I loved my experience at UW-Eau Claire and have lasting lifelong friendships from my time as a student. I also had wonderful professors and mentors through classes, work experiences and organizations — the communications department, Admissions, Honors Program and Periscope, to name a few. Now, as an employee in Admissions, I have the opportunity to help bring in new Blugolds. I had a great time at UW-Eau Claire as a student and want others to have the same experience. I also strongly believe in public higher education and UW-Eau Claire is a great choice for students.
What kind of planned gift did you set up with the Foundation? What was appealing to you about that type of gift?
I included the UW-Eau Claire Foundation as a beneficiary of my 403(b) plan and of our residual estate in our will. By including the Foundation as a beneficiary of my 403(b) plan, I have more control of those dollars to ensure an amount is available. Including the Foundation in our residual estate is kind of like icing on the cake — it should provide additional dollars, but I'm just not sure how much.
What will your planned gift support at UW-Eau Claire, and why did you choose to designate your gift in that way?
I included areas such as scholarships, the Honors Program and the communication and journalism department, as they had significant impact on my experiences. I also mentioned that the gift could be used for the greatest need. Understanding that our needs on campus may drastically change with the times, other areas may be better served by my giving when the time comes.
What was the process like in setting up your planned gift?How did you learn about this giving option and what resources were helpful in setting up your gift?
We worked with a lawyer to set up our will, and he really walked us through the entire process. When we needed to contact the UW-Eau Claire Foundation about a specific name and address to include in the will/beneficiary list, John DeLestry, the Foundation's planned giving coordinator, provided us with this information and additional resources. He also provided us with a form to be used by the Foundation on which we indicated where our gift should be directed.
What impact do you hope your gift will have at UW-Eau Claire?
I hope our gift to UW-Eau Claire will help campus continue to live its vision and mission and provide those same opportunities I had as a student and employee.
What would you say to others considering a planned gift?
You are never too young to make an impact. Even if you've just graduated from UW-Eau Claire, thinking about including the place that was special to you as a beneficiary in anything from a tax-sheltered annuity to a will is important. There were people in the past who were thoughtful enough to give to a scholarship, the Honors Program, etc., so that I could take advantage of them. Now, I get to be that person and give another person that same opportunity — what a wonderful way to pay it forward!
You can follow Joey and Ralph's example by remembering the UW-Eau Claire Foundation in your estate plans. Contact Michele Olson at 715-836-3526 or firstname.lastname@example.org to discover a giving plan that matches your goals.
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 examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. 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. 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. 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 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 gift 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 receive an immediate federal income tax charitable deduction. 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 receive an immediate federal income tax charitable deduction. 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.