Gift Planning

  1. Gift Planning
  2. Why We Give
  3. Ann Prock

Fond memories of marching band inspire couple to give back

Upon reflection, Ann ’75 and Jim Prock, having both enjoyed careers in financial services, each acknowledge and cherish the impact that non-academic experiences had on their lives.

To ensure future Miamians enjoy similar extracurricular opportunities, Ann and Jim recently established a scholarship and a student support fund to benefit future Miami instrumental music majors.

As Ann thought about her time at Miami, the decision to support music students quickly emerged as the top choice. “Obviously Miami is known for a fantastic education. But like so many others, I found great inspiration in my experiences in activities and groups, like marching band,” she says.

Ann played the trumpet, and has fond memories of marching in the band during football games, playing in the varsity band at basketball games and traveling to campuses throughout Ohio to perform.

An appointment to update their estate plans, along with a discussion with Miami’s Office of Gift Planning staff, inspired the Procks to consider how they might create similar experiences for students. Knowing that distributions from IRAs would be taxable to their heirs made naming an endowment at Miami University Foundation as a beneficiary of those accounts a great strategy for creating a legacy and making an impact.

“Our attorney pointed out that IRAs would be taxable to our non-spousal beneficiaries, so making it non-taxable as a charitable gift to Miami made the most sense. That way our heirs wouldn’t be responsible for those taxes someday and 100% of our IRA funds can be used to support Miami through an endowment at Miami University Foundation,” says Ann.

Making Miami University Foundation beneficiary of their IRAs will endow their funds in the future. However, Ann and Jim have also chosen to see the impact of their funds now with current gifts.

“We like knowing that Miami students will benefit while we are alive,” Ann says.

They look forward to supporting their gifts with qualified charitable distributions (QCDs) once they are eligible. IRA owners can make non-taxable gifts up to $100,000 annually directly from their IRA to charity starting at age 70½. These QCDs can be used to satisfy required minimum distributions and, while supporting charities of choice, they also reduce income.

The Office of Gift Planning team at Miami University Foundation is happy to talk to you about making an impact, just as Ann and Jim did, with a gift in your retirement account, but there are many giving options. Contact Miami's Office of Gift Planning at 513-529-1286 or GiftPlanning@MiamiOH.edu to find out more.

A charitable bequest is one or two sentences in your will or living trust that leave to Miami 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 give to Miami University, a nonprofit corporation currently located at 725 E. Chestnut Street, Oxford, OH 45056, or its successor thereto, ______________ [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 Miami 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Miami as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Miami 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 Miami where you agree to make a gift to Miami 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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