Tartan Traditions - Spring 2024
Read on for the latest edition of Tartan Traditions, and learn how tax-smart retirement fund strategies can also support the important work happening at Carnegie Mellon.
Giving What Feels Good
Carnegie Mellon University alumnus Richard Glave is maximizing his support for future generations of Tartans with a tax-smart gift of retirement funds.
After graduating from Carnegie Mellon University and starting his first Job, Dietrich College of Humanities and Social Sciences alumnus Richard Glave’s father encouraged him to set up a retirement account.
“My father, Harold Glave, was a big saver and investor,” Richard says. “He was very big on retirement plans and pensions and all of that. He managed retirement plans for companies at Bankers Trust, now part of Deutsche Bank, for around 25 years.”
His father’s forethought and a diligent dedication to stashing funds for a post-career life have allowed Richard to create a legacy at Carnegie Mellon University with a planned gift intention through his retirement plan.
“I want other underrepresented people from New York City to have the same opportunity that I had.” - Richard Glave (DC 1990)
A Simple Way to Make a Gift from Your Retirement Funds
Congratulations on growing your IRA, 401(k), 403(b) or other retirement accounts. Along with funding your retirement, these funds can also do good work at Carnegie Mellon.
By naming CMU as a beneficiary of your retirement plans, your gift can be:
Flexible
Change designations at any time and continue to make regular lifetime withdrawals.
Customizable
Select an amount or a percentage that you wish to leave for the people and organizations that matter to you.
Tax-Smart
Move your retirement funds tax-free to charitable organizations as they may be taxed for your loved ones and heirs.
A Trust
With a Give it Twice strategy, you can stretch payments over your loved ones' lifetimes, leaving the remainder as a gift to CMU.
If you’re age 70 1/2 or older, you also can make a Qualified Charitable Distribution (QCD) directly from your IRA to benefit your favorite Carnegie Mellon programs and count toward your Required Minimum Distribution (RMD).
Contact us at mickkoster@andrew.cmu.edu to learn more.
Giving with Twice the Impact
Are you looking for a way to provide your loved ones with income while also supporting organizations and causes that are important to you with a charitable gift?
You can use IRA, 401(k), 403(b) or other retirement accounts to create a testamentary trust as part of a Give it Twice strategy.
With this strategy, you create a stream of income that can be stretched over your loved ones’ lives, reduce your estate and income taxes, and endow a permanent fund to support an area of CMU that's meaningful to you.
Here's How it Works:
IRA or other appropriate assets
Charitable trust
Future gift to charity
Income to loved ones
Interested in achieving your financial goals and supporting Carnegie Mellon University?
Contact the Office of Development & Gift Planning to discuss your next steps.