Leave a Legacy at Diving Mercy University
Remembering Divine Mercy University in your will or estate plan is an incredible way to make a lasting contribution to the future of the practice of psychology and counseling. Planned gifts made to Divine Mercy University provide a solid foundation for future growth and influence and it will inspire others to make similar transformative gifts. For the donor, a planned gift to Divine Mercy University can provide financial peace of mind through potential income and/or estate tax benefits for you and your family. Below are some examples of how you can support Divine Mercy University through a planned gift.
Gifts through your Will or Living Trust
The simplest way to impact the work of Divine Mercy University is by updating your will or living trust and making Divine Mercy University a beneficiary. Simply contact your attorney and ask to add the following language to your will or living trust:
“I give, devise and bequeath to the Divine Mercy University (Tax ID: ), 45154 Underwood Lane
Sterling, VA 20166 (insert specific dollar amount, percentage, or residue of my estate), for its general use and purpose.”
By making this simple update to your estate plan you will make a significant impact on Divine Mercy University’s work and you will avoid all federal, state and local estate tax that might affect the heirs of your estate.
Gifts through your Individual Retirement Account (IRA)
Federal legislation was recently passed making the IRA-Charity Rollover a permanent provision in U.S. tax law. For individuals that are 70 ½ or older they may make a charitable gift to Divine Mercy University directly from their IRA. This tax-free contribution is a wonderful way to support our mission.
Advantages to donors include:
- The IRA Charitable Rollover permits you to make donations directly to Divine Mercy University from your IRA without counting the distribution as part of your adjusted gross income (AGI) and without paying taxes on the amounts donated.
- You will not need to recognize the distribution as income for federal income tax purposes.
- The distribution can count towards your minimum required IRA distribution.
- You must be 70½ or older.
- Your total combined IRA-Charity Rollover contributions cannot exceed $100,000 in any calendar year.
- Charitable contributions from an IRA must go directly to Divine Mercy University and not to a donor advised fund or private foundation.
- Distributions can only be made from traditional IRA accounts. To use funds in 403(b) plans, 401(k) plans, pension plans, and other retirement plans, they must first be rolled over tax-free to an IRA.
- Distributions must be made directly from the IRA trustee or administrator payable to Divine Mercy University.
- The distributions are made from the IRA tax-free. There are no corresponding income tax charitable deductions for these amount.
For further information on how to make a gift to Divine Mercy University through your IRA, contact Tom Cronquist.