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Jane Gole Combines Giving with Income and Tax Benefits

Jane Gole

"I can't think of a better investment than Emory." - Jane Gole 79MBA

Jane Gole 79MBA and her husband, James, had considered making a substantial gift to Emory for years. After consulting with Emory's Office of Gift Planning, they chose a strategy that would meet all of their financial goals.

"We wanted to make a gift to Emory, reduce taxes on some capital gains, and receive income that is currently higher than CD rates," she says. "Emory helped us pick the mix that would maximize our benefits."

The couple's charitable gift annuity will help build the Arthur Deitz Memorial Fund scholarship in Emory's Goizueta Business School and support the Billops-Hatch Archive, a collection of African American works in Emory University's Manuscript, Archives, and Rare Book Library.

Donors can create a charitable gift annuity with a transfer of cash or marketable securities. There are no fees for the transaction, which involves a simple two-page contract. Annuity payments can begin immediately or be deferred until a later date, and they can go to one person for a lifetime or to two people in succession. The payment rate depends on the donor's age and the number of people who will receive payments.

Donors can claim an up-front federal income tax deduction, which depends on the variable monthly discount rate set by the Internal Revenue Service. A portion of the annuity payments may be tax-free.

For donors like the Goles, who value education and are savvy about financial planning, the charitable gift annuity is a perfect choice.

"We've always promoted educational institutions," she says. "I can't think of a better investment than Emory."

To learn about gift planning options or schedule a meeting with an office of gift planning adviser, call 404.727.8875 or email giftplanning@emory.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to Emory University 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

"I, [name], of [city, state, ZIP], give, devise and bequeath to Emory University [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 Emory 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 Emory 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 Emory 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 Emory where you agree to make a gift to Emory 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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