We are proud to be part of Brighter World: The Campaign for Tufts, which is strengthening Tufts today and securing its future. Philanthropy plays an integral part in Tufts’ successes, allowing students to flourish, advancing research, and changing lives.
Nutrition, veterinary medicine, and financial aid are a few of the key priorities we are especially proud to support. As we considered how we could expand our impact in these areas and our campaign commitment, we learned about the many ways to structure a gift and decided to name Tufts as a beneficiary of our trust.
We hope this newsletter provides you with ideas and inspires you to join us in creating a brighter world by supporting the areas at Tufts that matter most to you.
Sincerely,
Katie and Peter Dolan
Katherine Dolan, A08P, is chair of the Cummings School Board of Advisors, and Peter Dolan, A78, A08P, is chair of the Tufts University Board of Trustees.
From the Classroom to the Newsroom and Beyond
Ed Finn, A76, gives back to Tufts with a charitable remainder trust
“I’ve assessed different kinds of investments for the past 40 years as part of my job, and to me the CRT seems like a really smart estate planning tool.” —Ed Finn, A76
Ed Finn grew up in a small factory town in central Massachusetts. “Tufts was a very broadening experience,” says Finn. “I met people from all over the world.” His junior year abroad with the Tufts in London program, and internships that allowed him to explore several career options, including journalism, were particularly valuable.
Ed Finn, A76
Finn majored in English and political science at Tufts and spent his career doing what he loves most: uncovering interesting stories and sharing them with readers in prose that is informative, accessible, and engaging. The core communication skills he relied on throughout his career, Finn notes, were first cultivated at Tufts. He wrote for the Wall Street Journal, Forbes, and other publications before joining Barron’s, one of the country’s most widely read and highly regarded financial publications. In 2017, Finn retired after two decades as editor and president of Barron’s.
Personal finance and estate planning are familiar ground for Finn. With more time in retirement to consider his finances, Finn found that a charitable remainder trust (CRT) made an excellent component of those plans. “The charitable remainder trust is a great way to give something back to Tufts,” says Finn. “It offers you an immediate tax deduction and a quarterly income for life, and ultimately the money goes to Tufts. Plus, you can always add to your trust over time.” The remainder of his trust will support financial aid.
“Whether it’s a business or a university, you have to keep investing, and there are myriad ways that Tufts is investing in professors, students, programs, and buildings,” says Finn. He cites the example of the new Joyce Cummings Center, which encourages interdisciplinary learning in design and spirit, and prepares Tufts students to succeed in a changing world. Through his CRT, Finn is also investing in Tufts’ future.
“Tufts was a great experience for me, and if I can help Tufts in some small way to provide that experience for others—and become even better for future generations—that makes me very happy.”
What Is a CRT?
This estate planning tool is a true multitasker
You may be familiar with the charitable remainder trust (CRT) as a tool for charitable giving, but there are many reasons to explore CRTs as part of your retirement, tax, and estate planning.
A CRT can provide retirement income to yourself or help you support loved ones. Income fluctuates with market performance and may grow over time, providing a potential hedge against inflation. It can be funded with a variety of assets, including cash, stock, real estate, and business interests. A CRT may provide tax benefits, such as an immediate charitable income tax deduction, reduction on capital gains tax when funded with appreciated assets, and estate tax savings.
A CRT may also be a potential solution to the elimination of the “stretch IRA.” Since 2020, following the passage of the SECURE Act, inherited IRA assets must be fully distributed to non-spousal beneficiaries within 10 years. Creating a CRT through your estate plan is a strategy to consider: by naming your CRT as the IRA beneficiary, these assets will fund your trust, providing income to trust beneficiaries for life—or a specified period of years—as well as a meaningful gift to Tufts.
How a CRT works:
You give cash or appreciated assets, such as stock, real estate, or business interests.
You receive a charitable income tax deduction and an income for yourself or loved ones.
Tufts receives the remainder of the trust to support the school you specified.
Learn how a charitable remainder trust can help you meet your financial and philanthropic goals by contacting the Gift Planning Office.
Need Help Getting Started?
Tufts fuels creativity, curiosity, and ingenuity to address the world’s most consequential challenges. Including the university in your estate plan—whether by remembering Tufts in a will or trust or naming the university as a beneficiary of a retirement plan, life insurance policy, or donor-advised fund—is one of the simplest ways to support the future of Tufts.
You can find information below that you and your advisor may need. Also, our free estate planning organizer may help you compile your information, define your intentions, and make plans to support people and organizations that mean the most to you. You can download the organizer or request a paper version here.
If you have already included Tufts in your plans, please contact the Gift Planning Office so that we can welcome you into the Charles Tufts Society.
Sample Bequest Language
I give [the sum of_______ dollars ($_____)/___ percent (___%) of the residue of my estate] to Trustees of Tufts College of Medford, Massachusetts, for the general purpose and use of the [insert name of specific school at Tufts].
Legal Name: Trustees of Tufts College Address: Tufts University Gift Planning Office, 80 George Street, Medford, MA 02155 Tax Identification Number: 04-2103634
Donating Real Estate
A gift that turns your property into possibility
Giving real estate is a tax-savvy way to meet personal, financial goals. Perhaps you are downsizing, have property you no longer use, want to diversify your investments, or simply don’t want the cost or burden of managing property. Whatever your motivations, a gift of real estate can offer valuable benefits for you and Tufts.
Benefits may include:
a charitable income tax deduction
income for life for you or loved ones
freedom from property maintenance and taxes
a generous gift to Tufts
Ways to give real estate and meet your objectives:
By making an Outright Gift of real estate, you transfer ownership to Tufts. You qualify for an immediate charitable income tax deduction and capital gains tax savings.
A Charitable Remainder Trust provides income for you and loved ones, an immediate income tax deduction, and estate and capital gains tax savings. It also offers investment portfolio diversification and the potential for growth over time.
A Bargain Sale is part gift and part sale, in which Tufts purchases the property for lower than the appraised value. You receive a lump sum, an income tax deduction, and capital gains tax savings.
With a Bequest in Your Will or Trust, you keep the real estate during your lifetime, Tufts receives the property after you no longer need it, and your estate may benefit from tax savings.
With a Retained Life Estate, you deed your property to Tufts, reserve the right to use it during your lifetime, and receive an immediate income tax deduction and estate tax savings. At your passing, Tufts sells the property to support the school or program important to you.
The Tufts Gift Planning Office can help you explore ways to gift primary residences, vacation homes, commercial property, farms, and undeveloped land, whether it is a gift of full or partial interest in the property.
Taxwise Giving With IRAs
Two unique ways to support Tufts with your individual retirement account
Give now with a qualified charitable distribution from your IRA. If you are age 70½ or older, you can give up to $100,000 each year directly from your IRA to Tufts and exclude the amount of the gift from your gross income for federal tax purposes. Beginning at age 72, your gift can fulfill your required minimum distribution (RMD). You can support Tufts priorities that matter to you, such as the annual fund or matching challenges, including the Schuler Access Initiative or the Friedman Scholarship Challenge.
Give in the future by naming Tufts as a beneficiary of your IRA. Anyone—at any age—can name Tufts as a sole or partial beneficiary of a retirement plan. When left to heirs, retirement plans such as IRAs may be subject to both income and estate tax. By naming Tufts as a beneficiary, no income tax will be due on the charitable distribution, and your estate will qualify for a charitable income tax deduction.
At the time of publication, the starting age for RMDs is 72; tax laws and regulations are subject to change.
1,000 New Members and Growing
Brighter World: The Campaign for Tufts has engaged the Tufts community—alumni, parents, faculty, staff, and friends—and inspired support for key priorities across the university. One area that has seen much growth is the Charles Tufts Society. Tufts University set an ambitious campaign goal of welcoming 1,000 new members into this special group that honors those who have included Tufts in their future plans, and earlier this year we reached that milestone!
Members represent every school at Tufts and class years from 1941 to 2020. These gifts will support all facets of the university. Some members choose to make unrestricted gifts, while other members designate their gifts for a specific purpose, from financial aid and faculty research to athletics and laboratories.
And, Charles Tufts Society membership continues to grow. As people reflect on their priorities, they come forward to ask how they can include Tufts in their plans. This issue of Beacon has highlighted a few of the ways you can support the future of Tufts. To learn more or to share that Tufts is already in your plans, please contact the Tufts University Gift Planning Office.
