You Can Still Do a Lot of Good in 2022

We know that your decision to team up with the University of Michigan comes from the heart. Your kindness is especially heartwarming given how tough the economy has been this year.

Because you might have a lot going on in the final weeks of 2022, we wanted to make you aware of some important deadlines. You can still do so much to change the lives of those we support.

An added bonus: Your gift may qualify for a tax break this year when you itemize deductions on your federal income tax return.

Consider These Gift Options

Here are assets that can benefit both of us:

IRA

If you are 70½ or older, you can give any amount up to $100,000 per year from your IRA directly to the University of Michigan. You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use this transfer to satisfy your obligation.

To do: We must receive your gift by Dec. 31. If you have check-writing features on your IRA, your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.

Important To-Dos Before New Year’s

Check these off your to-do list to end 2022 on an organized note.

• Will or living trust. Review your will or trust for any life change such as a birth, death, marriage, or move to a different state.
• Durable powers of attorney. Make sure these documents for financial matters and for health care are current. A copy of the financial power of attorney should be given to your family members, while a copy of your health care power of attorney should be provided to both family members and health care providers.
• Retirement plan beneficiaries. Review these and remove any beneficiary on your life insurance or retirement plans who is deceased or is a former spouse, and consider adding a nonprofit such as the University of Michigan.
• Life insurance policy. If you have a policy that is no longer a significant piece of your estate plan, consider making a gift by assigning ownership to the University of Michigan or making us the beneficiary.
• Bank or brokerage accounts. Name designated heirs or our organization as a recipient of bank or brokerage account proceeds at your death.*
• Charitable contributions. If you’ve included a gift to the University of Michigan in your estate plan, review the details of your gift and let us—and your loved ones—know of your intentions. This will guarantee that your wishes are carried out after your lifetime.
• Safe-deposit box. Catalog the contents of your safe-deposit box. Give a written copy to a trusted family member and note any items you are holding for someone else.
• Digital estate. Your online accounts’ usernames and up-to-date passwords, along with your smartphone and tablet passcodes, home security code, and similar data, should either be recorded in password-management software or on paper in a fireproof lockbox. Tell someone you trust how to access either of these.

*State laws govern payable-on-death accounts and transfer-on-death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.

Let’s Team Up

As we approach the end of the year, we’re happy to help ensure that you can support our mission and also get the most benefit. Please feel free to contact the Office of Planned Giving at (734) 615-2022 or giving2@umich.edu for free resources.