'A Very Easy Thing To Do': IRA Giving Is Simple, Savvy
When Wag and Annalee Schorr examined their retirement finances, they learned their IRA would be subject to hefty taxes if inherited by their children and grandchildren.
So in February, they established the Schorr Family Medical Scholarship Fund, which they are endowing with a $1 million bequest through their IRA and funding now with a $5,000 gift each year.
"It's structurally a very easy thing to do," he says.
The Schorrs can use their retirement as they want to now and when they have passed on, a remainder of their IRA will benefit CU with no tax repercussions.
"We don't want this gift to occur too quickly," Schorr says, laughing. "In its proper time, that asset will go to a very good cause: support-ing the CU School of Medicine."
Alumni and friends of the university can also benefit from such gift planning and from gifts of other assets, including business ownership and real estate.
"The Schorrs' generosity sets the stage for others to show philanthropy's collective power," says Amanda Brodie, senior director of gift planning and leadership giving for CU Anschutz. "They've demonstrated that giving makes sense financially and is a very easy and straightforward process."
To learn more about bequests and gifts, contact the Office of Gift Planning at (303) 541-1229 or firstname.lastname@example.org.