Plan Your Gift to Williams
Williams College offers a full range of charitable gift planning services to alumni and friends. We can help you explore a host of gift options that will allow you and your family to make a great difference to present and future Eph generations.
This site offers ideas and information to help you consider and complete a planned gift. Explore Giving Options here, or visit the navigation bar on the right. You can utilize our gift calculator, learn about The Ephraim Williams Society, find sample bequest language, or simply read fellow Ephs’ personal giving stories.
2013 General Tax Update
The Williams Gift Planning Office continues to be a resource on the latest tax news from Washington D.C. The “American Taxpayer Relief Act of 2012” (“ATRA”) signed into law in early January 2013 has many important provisions that may impact your charitable, financial and estate plans. Some of the highlights are outlined generally below.
- Extended for 2012 and 2013, is the ability for those age 70 1/2 or older to make tax-free individual retirement account (IRA) distributions, up to a maximum of $100,000 per year, directly to a qualified charity.
- Starting in 2013 ordinary income, long-term capital gains and dividend tax rates are increased for individuals earning more than $400,000 and married couples earning more than $450,0000.
- The current estate, gift and GST tax is preserved at the 2012 unified exemption of $5.25 million (to be inflation adjusted). The top tax rate increases from 35% to 40%.
For a more comprehensive look at the new legislation, click here to read the CCH Tax Briefing Special Report on this Act: tax.cchgroup.com/downloads/files/pdfs/legislation/ATPR.pdf
Keep in mind, the future of the entire tax rate structure may be reconsidered if Congress tackles comprehensive tax reform.
Extension of the Charitable IRA Rollover
Hundreds of Williams alumni took advantage of the IRA charitable rollover available under prior legislation (2006-2011). With the passage of ATRA in early January 2013, we are pleased that this charitable giving option is being offered once again for 2012 and 2013.
If you are age 70 1/2 or older, ATRA extends for 2012 and 2013 the ability for you to make tax-free individual retirement account (IRA) distributions up to a maximum of $100,000 per year, if made directly to a qualified charity. If the above requirements are met, the gift will be considered a “Qualified Charitable Distribution” (“QCD”), making it federally tax-free, thereby excluding it from your federal taxable income and generating no federal income tax charitable deduction. Your gift can count towards all or a portion of your annual required minimum distribution. Particularly under the new tax law, keeping your charitable IRA rollover gift out of your adjusted gross income (AGI) may provide you with many tax advantages.
Your donation may be designated for a particular purpose and may be used to satisfy outstanding pledges. The donation must be an outright gift and therefore cannot be used to fund a life income gift such as a charitable gift annuity or charitable remainder trust.
You must direct your IRA administrator to transfer funds directly to a qualified charity, such as Williams, in order to meet the requirements for IRA rollover treatment under the new law. Do not let the assets pass through your hands first, or they will not qualify for tax-free status.
Please note: (1) Employer-sponsored retirement plans, such as (ongoing) SEP IRAs, (ongoing) SIMPLE IRAs, 401(k)s, and 403(b)s generally do not qualify; (2) Some states may determine that IRA distributions under ATRA must be included as income for state and local tax purposes. Please contact you financial advisor for more detailed information.
Here is additional information on charitable donations from IRAs for 2012 and 2013.
How to make a charitable IRA rollover gift to Williams
Clink on the following link for Williams IRA-transfer-instructions.
We stand ready to answer your questions and continue the conversation by phone at (877) 374-7526 or (413) 597-3538, by email at email@example.com and by fax at (413) 597-4039.
If you would like to transfer appreciated securities or other assets directly to Williams, please visit the Trust and Estate Administration Office website for instructions or contact the Office by phone at (413) 597-4118 or via email at firstname.lastname@example.org for assistance.