Leaving a Legacy at the University of Mississippi

Development officers share opportunities to support School of Engineering

Brevard Hall in summer. Submitted photo

Did you know there are a number of unique ways to support the University of Mississippi School of Engineering that can have favorable tax consequences, or even generate income for you and your family?

Many alumni and supporters have made a tremendous impact on Ole Miss by utilizing these vehicles and techniques. By considering making a planned gift, you can provide for students and faculty through your estate or by making a gift via your IRA or other appreciated assets. Here are a few planned gift programs:

Bequests: You can make a gift to the School of Engineering through your will or trust, and discuss with us now how you would like to see this gift used in the future. These gifts can be used to create scholarship endowments, support faculty and research, or even provide funds for the dean to use to advance the School of Engineering’s efforts.

Beneficiary Change: Many people do not know that the beneficiaries listed on life insurance or retirement account assets supersede what is listed in your will. Often, leaving retirement assets to anyone but a spouse can have negative tax implications for family members, so this is a great opportunity to support UM. These are very simple to update and normally have minimal to no cost.

Charitable Gift Annuities: A charitable gift annuity is a tool you can use to make a gift and also generate income as a result. These can be funded with cash or appreciated assets, which could provide an opportunity to offset some potential capital gains. These gifts can be created for one or two lives and represent a great opportunity to provide a surviving spouse with security, while also supporting the future of the School of Engineering.

IRA Qualified Charitable Distribution: Those of you age 70.5 and above can give directly from your IRA assets. Legislation was made permanent that allows you to transfer up to $100,000 annually from an IRA to support students and faculty. These make tremendous gifts for creating endowments, allowing your gift to support the School of Engineering in perpetuity. These gifts can also count toward your yearly required minimum distribution, which can help with potential tax liabilities.

Many of higher education’s most significant gifts were made as planned gifts. Having the foresight to utilize many of these tools provides opportunities to have a deliberate and focused impact on whatever is important to you and your loved ones.

By elevating the School of Engineering to family status, and including tomorrow’s students as part of your estate plan, you are not only allowing these students to succeed, but sowing the seeds of them paying this forward in their own future.

Contact Greg Carter, associate director of development for the School of Engineering, at 662-915-3937 or gjcarter@olemiss.edu, or Byron Liles, senior director of charitable gift and estate planning, at 662-915-7601 or byron@olemiss.edu to discuss these options.