Gift Planning

  1. Gift Planning
  2. Why We Give
  3. Joseph Abram

Tax-smart gift helps biochemistry students today and tomorrow

Dr. Joseph Abram, Miami class of 1962, received support in the form of a scholarship while he pursued a degree in chemistry. That financial support launched him into a medical career specializing in pediatrics and helped him serve patients and families in his community for decades.

Yet looking back at his career with the benefit of the perspective gained from current scientific breakthroughs and progress, Dr. Abram sometimes wonders what might have happened if he had taken a different path.

"Chemistry and biochemistry in particular, is such an exciting field. There are whole avenues of research and discoveries to explore that were not yet part of the discipline when I was an undergraduate," Dr. Abram says.

Dr. Abram recently finalized his plans to endow a scholarship for students pursuing a degree in biochemistry. His hope is that students from Ohio will someday use what they learn in this field to make life better for all citizens.

"I loved my college years and the chemistry department helped me become who I am today. It is my pleasure to give back," Dr. Abram says.

When considering his options to fund this gift, several options came to mind. Dr. Abram ultimately chose to make qualified charitable distributions (QCDs) from his IRA.

Dr. Abram says, "The QCD is a great option if you don't want to give more to the government. You personally select and support a charity rather than paying taxes."

The qualified charitable distribution allows individuals over the age of 70½ to give up to $100,000 per year from an IRA directly to a qualified nonprofit, including the Miami University Foundation. These distributions do not count as income when distributed directly to charity and are therefore not taxed as income. Plus, QCDs count toward one's required minimum distribution, or RMD, in a given year.

If you would like to learn more about how you can support Miami students by making a gift of a qualified charitable distribution from your IRA, please contact Miami's Office of Gift Planning at 513-529-1286 or GiftPlanning@MiamiOH.edu.

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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