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Discover a tax-free way to create a charitable gift annuity

If you have an IRA and are at least 70½ years old, the Secure 2.0 Act provides a once-in-a-lifetime way to contribute up to $50,000 to a charitable gift annuity through a tax-free distribution from your IRA.

What is a Charitable Gift Annuity?
A charitable gift annuity (CGA) is a contract between you and the UMW Foundation. In exchange for your charitable gift, the Foundation agrees to pay you a fixed income for your lifetime. Upon your passing, the annuity ceases, and the remaining principal is used to support academic programs and students.

How Does it Work?
Once you contribute cash from your IRA, the CGA begins to make monthly or quarterly payments to you
for your lifetime. The payment rate is based on your age to your nearest birthday. The agreement benefits you by providing lifetime income, attractive payment rates, reduced taxable estate value for your heirs, and an opportunity to support UMW students.

What Else Should You Know?
Charitable gift annuities may be set up to pay income to you and/or your spouse. Under the Secure 2.0 Act, you must be 70½ or older to take advantage of this tax-free IRA rollover opportunity. If you do not meet the age requirement for this opportunity, contact the UMW Office of Gift Planning to learn about other charitable gift annuity options.

Make your intentions known

If you are considering a bequest to the University of Mary Washington Foundation (Taxpayer Identification Number: 54-0169627), we are happy to provide the following language for your use:

“I hereby give and bequeath the specific amount of $________ (or ____ percent of my estate) unto the University of Mary Washington Foundation, Inc., 1119 Hanover Street, Fredericksburg, Virginia 22401, to provide funding for the _____________________ [Fund for Mary Washington, program, department, or endowment] at the University of Mary Washington OR a program as determined by University administrators.”

For more information about your estate planning options, contact Jan Clarke at jclarke@umw.edu or
540-654-2064. As always, consult with your legal and tax professionals.

Recent graduate balances work and studies to achieve goals

Nicolas Espana ’22 is an accountant for a Northern Virginia company specializing in land development and design services. As the first in his family to attend college, Nicolas says hard work, tenacity, and support from scholarships and financial aid led to this position that aligns perfectly with his UMW degree.

His career path was not always so clear or defined. Nicolas was born in the United States, but he had to return to Guatemala with his family when he was just 11 years old. A year later, Nicolas came back to the U.S. with the goal of finishing high school and going to college. He lived with his aunt, but he knew the financial aspect of that educational goal would be difficult.

During his years at Meadowbrook High School in Richmond, Nicolas focused on keeping his grades up so he could qualify for scholarships. He worked part time at O’Reilly Automotive and also was president of the National Beta Club, president of his senior class, a delegate at Boys’ State, and Lieutenant Commander in the Junior ROTC program.

“I didn’t have anyone in my family who knew what it was like to go to college,” says Nicolas. “So it was really difficult for me to figure things out. I did have the support of my high school teachers, and they offered guidance about exams and how to apply for college. One of my friends also had attended Mary Washington, so that gave me a bit of insight.”

Nicolas was accepted at Mary Washington in 2018 and received a financial aid package, which included the Joanna and John Reynolds Scholarship. He worked another year in auto parts and then found a paid internship at a law firm in Alexandria. This long-term experience enabled him to learn about job opportunities in the legal and accounting fields, and helped him hone in on a major in applied economics with a minor in business administration.

While scholarships and financial aid helped with college tuition, Nicolas says he had to work throughout to pay for necessities like insurance, food, and gas. “I was careful with my money and my time,” he says. “I always remained focused on my studies and, looking back now, I think I did a good job of balancing it all.”

That balancing act continues today. Nicolas recently passed the LSAT and is saving up to apply for law school. “I’ve noticed that each year my dreams keep getting bigger and more possible with the help and relationships I made at Mary Washington and through my job experiences.”

Long-time Heritage Society member Joanna Reynolds says students like Nicolas are the reason she and her late husband, John, created a UMW scholarship. “We wanted to help students who were self-disciplined and motivated to succeed,” she says. “I am so proud of Nicolas and all he has accomplished.”

For more information about creating scholarships now and through your estate plans, contact Jan Clarke at jclarke@umw.edu or 540-654-2064.

 

– Article by Donna Harter

Married alumni plan two endowments to honor their alma mater

It all started with a Halloween party at the Eagles Nest back in 1987. Wendy Risher, a sociology major from New Jersey, dressed as one of the blind mice; Pat Filippone, a business administration major and sports enthusiast from Northern Virginia, went as Gene Simmons from the rock band Kiss. The two hit it off and continued their friendship through senior year, after graduation in 1988, and during their first professional jobs across state lines from each other.

Pat and Wendy married in 1992, followed their passions to explore individual career paths, and raised their daughter, Kelly. Today, that coast-to-coast journey has them remembering their Mary Washington experiences as they finalize plans to pay it forward.

“Mary Washington opened up my world,” says Wendy. “I came from a small school in a small town, and I didn’t even know what sociology or anthropology were until I came here.”

She enjoyed all her classes, working in the dining hall, and being able to play on the women’s field hockey team. “One of the plusses of going to a small liberal arts school is that you are a student before you’re an athlete,” says Wendy. “Overall, I had an outstanding college experience, and I wish everyone could do the same.”

Wendy put her sociology degree to work for the federal government and then in the field of education. She recently completed her 18th year as an elementary school librarian – 14 of those years at the same school in California.

Pat chose Mary Washington after seeing a sign for the James Monroe Museum. “I was always interested in history, especially presidential history, so that piqued my interest,” he says. “Mary Washington was a great size for me, and I really enjoyed the cultural education of living with people from different backgrounds while learning new things.”

Pat majored in business because he was good with numbers, but he credits three Mary Washington professors with having a major impact on his life and career: Patricia Lacey Metzger for accounting, Marshall Bowen for geography, and Otho Campbell for history.

“They all were passionate about the subjects they taught, and they all inspired me,” he says.

While Pat had varied interests in college, he found a way to combine them by working “off the field” on the business side of baseball. His first job in baseball was in Northern Virginia with the minor league team that now is the Fredericksburg Nationals. In 1998, he was recruited to go to California.

Today, he is the president of 7th Inning Stretch, which owns and operates three minor league teams: the Stockton Ports, in Stockton, California; the Everett AquaSox in Everett, Washington; and the Delmarva Shorebirds in Salisbury, Maryland.

“I enjoy going to the ball park, meeting people in person that I read about or watched on TV, and now helping young players get started,” says Pat. “If you can figure it out and achieve it, it’s truly fantastic to make a living in an area that aligns with your passions.”

Pat and Wendy remain connected to Mary Washington, attending reunions when possible and volunteering to advise or speak to students.

Recently they shared their intent to include provisions in their estate plans for two UMW endowments. One will provide resources and services for students at the Simpson Library; the other will support operations at the James Monroe Museum.

“We felt it was important to recognize how our college years and our experiences with libraries and museums contributed to our life and career success,” says Wendy.

Pat agrees, “I made lifelong friends at Mary Washington and have a lot of good memories. I think it’s important to give thanks to the institution that helped both of us get to where we are today.”

For more information about estate planning, contact Jan Clarke at jclarke@umw.edu or 540-654-2064.

 

– Article by Donna Harter