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Alumnus Names University School of Nashville as Beneficiary of IRA

Hazel Lundberg

Mrs. Hazel Lundberg, PDS math teacher 1944-1968. Under her guidance, PDS won the state math contest 9 years in a row.

A few years ago at a professional advisory group, a PDS alumnus heard some information that caught his attention. The tax attorney explained that bequeathing the untaxed dollars in an IRA to charity and leaving cash or taxed dollars to heirs offers substantial tax benefits. An IRA bequeathed to an individual is subject to both income and estate taxes, at rates that may be as high as 75-80%.

This new knowledge ultimately led the alumnus to name University School of Nashville as a beneficiary of his IRA. He had two reasons for making this arrangement. "One reason is, of course, my fondness for the school, and the other is my lack of interest in having the government decide where my money goes."

Coming to Peabody Demonstration School as a junior, he was struck by how it differed from the large public school he had been attending. "The students received much more individual attention, and the teachers really seemed to care," he says. One of the teachers he remembers most vividly is Dr. Beauchamp, who threw the young man out of class on his first day at PDS for "smirking" when a pretty classmate was reprimanded. But even more than Dr. Beauchamp, who soon came to appreciate the new student after that inauspicious beginning, he remembers Mrs. Hazel Lundberg, "the best teacher I ever had. She taught me geometry, and she taught me self-discipline," he says. "I want this gift to be in her memory."

Every generation of students at PDS and USN has been fortunate to have at least one teacher like Mrs. Lundberg. We recall Dr. Beauchamp, Mrs. Tibbott, and Miss McMullan, who gave way to Mrs. Dickinson, Miss Teaff, and Mr. Rogers. Now those have been replaced by Mr. Rodriguez, Mrs. Davies, Mrs. Ackerman, and many others, all teaching much more than their subjects.

This gift will build USN's endowment, helping to ensure that the school will continue to attract and retain the teachers who make a difference in the lives of students: the Mrs. Lundbergs of this century.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to University School of Nashville 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

 Bequest Language

I, [name], of [city, state ZIP], give, devise and bequeath to University School of Nashville [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 USN 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 USN 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 USN 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 USN where you agree to make a gift to USN 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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