Your Family Today, UVA’s Athletes Tomorrow
Planned Gifts to the Virginia Athletics Foundation
In times when personal finances feel unpredictable, planned gifts can provide flexible ways to support the University’s student-athletes. Bequests, beneficiary designations, and life income gifts (charitable gift annuities and charitable remainder trusts) are among the most popular planned gifts. A planned gift to the Virginia Athletics Foundation (VAF) can be designated to the UVA Athletics program of your choice or left unrestricted to meet the most pressing future needs.
BEQUESTS AND BENEFICIARY DESIGNATIONS
If you would like to support the Virginia Athletics Foundation but are not comfortable giving away assets that you might need now or in retirement, consider naming the VAF as a beneficiary in your will, living trust, retirement account, or life insurance policy. Because bequests and beneficiary designations are not binding, you will be able to modify your gift if your circumstances change. Amounts you leave to the VAF will pass free of estate tax and, in the case of retirement assets, income tax as well.
To make a bequest, your attorney can insert a simple provision in your will or trust. To make a beneficiary designation, you can complete a beneficiary designation form provided by your retirement plan administrator, life insurance company, or financial institution. This can often be done online.
LIFE INCOME GIFTS
Life income gifts to the VAF allow you to provide future support to the UVA Athletics program of your choice while producing payments for you and/or your loved ones. Payments can be fixed or variable and current or deferred, depending on your needs. You can create a life income gift during your lifetime or as part of your estate plan.
There are many benefits to a life income gift. It can provide supplemental income to you and/or your loved ones while creating a charitable tax deduction and may also reduce your capital gains or estate taxes. A life income gift can reduce exposure to market volatility by converting low-dividend yielding stock to a higher fixed or variable income stream, or can be used to convert real estate or other liquid assets into a reliable income stream. These irrevocable life income gifts can help the future of Virginia Athletics.
A Charitable Gift Annuity (CGA) is created with a simple contract. In return for your gift of cash, stock, or real estate of $5,000 or more, a CGA pays you and/or your loved ones a fixed annuity for life. At the end of the contract term, the remainder will transfer to the VAF to benefit the athletics purpose you specify.
A Charitable Remainder Trust (CRT) is created with a gift of cash, stock, or real estate to a trust that pays you and/or your loved ones income for life or for a specified number of years you select. At the end of the trust term, the remainder will transfer to the VAF to benefit the athletics purpose you specify. Your payments can be fixed or variable. With a minimum funding of $50,000, UVA can serve as your trustee.
Planned gifts can give you flexibility to achieve your philanthropic goals. The VAF, in partnership with the University’s Office of Gift Planning, can assist you in determining the best planned gift for your age and situation. Contact the VAF at 434-982-5555 to get started.
Your donation to the Virginia Athletics Foundation, no matter how big or small, is significant to the Virginia Athletics program. To make your pledge or donation, visit VirginiaAthleticsFoundation.com or call 434-982-5555.