Gifts that May Reduce Your Taxes


Gifts that May Reduce Your Taxes

You can reduce your taxes and help enrich students’ education when you make a legacy gift to University of the Pacific.

Retirement Plan Gift

You can reduce or even eliminate tax liabilities on your retirement plan by naming Pacific as direct beneficiary. The entire amount of your IRA, 401k or other retirement accounts will be taxed if you leave them to your heirs. Instead, consider giving them less tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift with Pacific.

Benefits:

  • Eliminate potential estate tax on retirement assets.
  • Eliminate income tax on retirement assets funded on a pre-tax basis.
  • Receive potential savings on estate taxation from a donation tax credit.

To name Pacific as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.

Life Insurance Plan

If you have a life insurance policy that has outlasted its original purpose, you can use it to reduce your taxes and create a legacy gift for University of the Pacific.

Benefits:

  • Reduce your income taxes.
  • Receive additional donation tax credits by making annual gifts so that the University can pay the premiums.
  • See firsthand how your gift supports students if Pacific cashes in the policy.
  • Further the work of Pacific to help students be leaders in their communities. If the University retains the policy to maturity, or you name it as a beneficiary, once the policy matures, the proceeds of your policy will be paid to Pacific.

To name Pacific as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.

Gifts of Real Estate:

You may decide that the greatest gift you can make is to leave your home or other property to University of the Pacific. This kind of gift is ideal for someone who intends to continue living in their home or property through their lifetime, but still make a charitable gift. Click here to see how James Jewell ‘51, a loyal supporter like you, made this gift.

You can leave this generous gift by signing an agreement with Pacific about maintaining the property so you can use it throughout your lifetime. You may even receive a tax deduction for your gift.

Gifts of Stock

Stocks, bonds, and mutual funds that have appreciated in value are among the best ways to help create experiential learning opportunities for students. You may receive a charitable income tax deduction for the full market value of the stock (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in the value of the stock.

Savings Bonds

When you redeem savings bonds, you or the person to whom you leave your bonds will owe income tax on the appreciation. You can eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem. Since the University is tax exempt, 100 percent of your gift of savings bonds will support our mission to see students succeed in challenging careers.

Benefits:

  • Reduce income tax.
  • Reduce income tax and estate taxes for your loved ones.
  • Create your lasting legacy of supporting students with a meaningful education at University of the Pacific.

 

Please contact Jonelle Beck, JD ‘00, Executive Director of Estate and Gift Planning, at pacificpg@pacific.edu or 209-946-2501 if you have any questions.

Then, consult with your tax advisor and lawyer to determine which planned gift strategy is best for you.