You do not need to be wealthy to impact future generations and it doesn’t need to affect your day-to-day cash flow during your lifetime. Supporting JMU with a planned gift is easier than you think.
BUILDING YOUR LEGACY A GUIDE TO PLANNED GIVING
There are many ways to give. Together, we can create your legacy now, while you maintain control and flexibility throughout your lifetime.
WHAT IS PLANNED GIVING? Planned giving, sometimes called legacy giving , includes any future gift you arrange through your financial or estate plans.
HONORING THE PAST
“I was one of 10,000 students, yet Dr. Gabbin made sure I realized she believed in me. You know how important that is to a young person? I hope future students have a ‘Joanne’ in their lives.” – Sean Tobin (’92), who has established a professorship in honor of Professor Joanne Gabbin.
Read his story at: https://j.mu/tobin
THE POWER OF A PLANNED GIFT With a thoughtfully structured planned gift, you can support the university programs that are most important to you while also pursuing your own charitable and financial goals. As you’ll read in this guide, you do not need to be wealthy to impact future generations with your generosity, and it doesn’t need to affect your day-to-day cash flow during your lifetime.
WAYS TO GIVE
WILLS AND LIVING TRUSTS Making a gift as part of your will or living trust is one of the easiest and most popular planned giving options. You can make a gift of any dollar amount, designate a percentage of your estate, or gift specific property to JMU. Contact us and we’ll share the specific language you need to add to your will or living trust. It’s possible to create a legacy for decades to come without impacting your income today.
WILL This written document is a must-have for everyone. It will direct how you want your estate distributed, designate how your family and belongings will be cared for, and ensure everything is passed to your intended beneficiaries. We offer free, robust will-planning tools on our website: https://jmu.plannedgiving.org. By simply inserting specific directives, you can leave a gift to JMU that’s bigger than anything you could give in your lifetime.
LIVING TRUST If you own property, you may wish to set up a living trust. Unlike a will, a trust will not subject your estate to probate. This can be a quicker and less costly process for some individuals. Whichever form you prefer, you can direct that your bequest be used for JMU’s greatest needs or for a specific purpose you designate.
SHAPING THE FUTURE
“Education has been everything. We are fortunate and need to offer someone else the opportunity of education.” – Stanley (’54) and Rosemary Jones, whose planned gift along with generous current gifts, are providing scholarships for first-generation students in STEM programs.
Read their story at: https://j.mu/jones
RETIREMENT PLANS Did you know that your retirement funds, including IRAs, 401(k)s, 403(b)s and pensions, can be hit with heavy income and estate taxes when paid to your heirs? The good news: They are tax-free when given to JMU. You can make this gift by contacting the custodian of your retirement plan to complete the beneficiary designation form. You may be able to continue taking regular withdrawals during your lifetime. LIFE INSURANCE POLICIES If you are carrying more insurance coverage than your family obligations now require, consider using life insurance to create a meaningful legacy at JMU for relatively little cost. When you transfer ownership of a paid-up policy, you’ll receive a significant income tax deduction, and JMU can decide when to cash it in. Or simply name JMU as a beneficiary or partial beneficiary.
If you’ve already made a planned gift to JMU, thank you. PLEASE NOTIFY US so we can ensure your wishes are honored at 540-568-8939.
BEING THE CHANGE
“We are proof that education is one key to breaking the cycle of poverty.” – Sue Cumpston (’82), who, along with Lori Mowen (’80), has created a scholarship for first- generation Appalachian students.
Read their story at: https://j.mu/roots
PROPERTY Deeding any piece of property (such as a home, undeveloped land, farm or even commercial real estate) can yield powerful tax benefits and possibly an income stream for you and your loved ones. JMU may use the property or sell it and use the proceeds. Either way, you’ll offset capital gains tax on the transfer. There are several creative ways to leverage your property:
RETAINED LIFE ESTATE With joint planning, you may continue to live on the property for the rest of your life. When you make this gift, you remain responsible for all taxes, maintenance and insurance. The property conveys after your lifetime (or after the term specified in the agreement).
CHARITABLE BARGAIN SALE If you would like cash to meet other obligations, or an assured stream of income for retirement, consider this option. You’ll sell your residence or other property to JMU for a price below the appraised market value. This transaction is part charitable gift and part sale. You can receive payment from JMU in a lump sum.
If you’ve already made a planned gift to JMU, thank you. PLEASE NOTIFY US so we can ensure your wishes are honored at 540-568-8939.
PLANNING A GIFT
“The college experience... was a critical phase in my adulthood when I learned how to be independent, problem-solve, and grow interpersonally. I want other underrepresented students to have the opportunity to experience this and more.” – Michelle E. Johnson (’97), who created a scholarship for underrepresented students through her planned gift.
CHARITABLE REMAINDER TRUST You can leverage your most powerful assets, including real estate, to fund a Charitable Remainder Trust. The CRT generates income for you and/ or beneficiaries for life (or a term of years), with the remainder of the trust eventually becoming a gift to JMU that will have a lasting impact for future Dukes. CHARITABLE GIFT ANNUITY A CGA is a contract with JMU Foundation that benefits you and the university. Donors who are at least 65 years old and are donating a minimum of $25,000 can transfer cash, CDs, stock, or other assets to us; We promise to make fixed payments to you (and/or another person) for life. A portion of the gift annuity income could be tax free, and you may receive a charitable deduction for making a gift to JMU. STOCKS AND APPRECIATED SECURITIES By transferring appreciated stocks, bonds or mutual funds you have owned for more than one year, you allow JMU to sell them and use the proceeds. Your benefits here are considerable: you receive an immediate income tax deduction; you pay no capital gains tax when the stock is sold; and the “cost” of your gift is often less than the deduction you gain by making it!
Supporting JMU with a planned gift is easier than you think. After reading this information, we hope you’ll contact us for personalized advice and to identify where your gift may have the greatest impact.
Your planned gift makes the Madison Experience possible for future students. THANK YOU.
Office of Planned Giving 481 Bluestone Dr. MSC 4401 Harrisonburg, VA 22807 jmu.plannedgiving.org phone 540-568-8938
2023
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