Having an IRA has long been touted as a smart retirement strategy. But while IRAs provide tax benefits during their owners’ lifetimes, they can become a tax liability when they are passed on as an inheritance. The solution? Use the funds to make a charitable gift. That’s what Mark Krosse ’72 is doing for Princeton.
Three alumni -- Huyler Held ’47, H. Dwight Neill ’54, and Mary Deibel *76 -- chose to leave a legacy to Princeton by including the University in their estate plans as the beneficiary of their IRAs. Their support honors their connection to the University while making the experiences that were so important in their lives available to others.
Donors who are age 70½ or older can make gifts of up to $100,000 to Princeton and other charities directly from their IRAs without including the withdrawal in their taxable income. This provision, available through December 31, 2013, was passed into law as part of the American Taxpayer Relief Act of 2012.
Attorneys William Zabel ’58 and Howard “Scott” McCue III ’68 pass on five important tips for sharing wealth wisely with your children from the 2013 Reunions Seminar.
A substantial bequest from industrialist and philanthropist William S. Dietrich II, a member of Princeton’s Class of 1960, will endow the University’s Economic Theory Center, which has been renamed in his honor.
Paul Sittenfeld ’69’s commitment to education inspires him to help others have the same experience. He and his wife, Betsy, created a Princeton charitable lead trust to further strengthen University bonds and assist their family.
Stephanie Blackburn Freeth ’97 and Tim Freeth ’95 met and married after graduating from Princeton when both were establishing their careers. Now a family of four, they have prudently created an estate plan.
Throughout its 131-year history, alumni and friends have supported the Princeton University Art Museum by bequeathing works of art, endowing curatorships, and establishing funds to advance the museum’s scholarly mission.
Howard “Scott” McCue III ’68, retired from the international law firm Mayer Brown LLP, shares his expertise on recent tax law changes and their possible ramifications for charitable giving.