Seminary Journal 2008 (August) - Virginia Theological Seminary

Dr. and Mrs. William G. Thomas III
Mrs. George Fabian Tittmann
Mrs. Stephen A. Trentman
Mrs. Jesse M. Trotter
Mr. Otis L. Turner
Mr. and Mrs. M. Waldron Vail II
Mr. E. Massie Valentine
The Rev. Canon Samuel Van Culin, Jr.
Ms. Patricia A. Vaughn
The Rev. Guido F. Verbeck III
The Rt. Rev. and Mrs. Frank H. Vest, Jr.
The Rev. V. Alastair and Rhoda Votaw
Mrs. Stephen C. Walke
Ms. Joyce Bogardus Walker
The Rev. Gary L. Way
The Rev. Pamela C. Webb
The Rt. Rev. Pierre W. Whalon
Patricia South White
The Rev. Christine R. Whittaker
The Rev. Dr. J. Douglas Wigner, Jr.
The Rev. Melissa Wilcox
The Very Rev. C. Preston Wiles, Ph.D.
Mrs. Ellis T. Williams
The Rev. Barbara S. Williamson
Mrs. Helen P. Withers
Mr. David F. Wright
The Rev. George Shaw Yandell
The Rev. William A. Yon
The Rev. George Zabriskie II
The Rev. Dr. & Mrs. Allan N. Zacher
PLANNED GIVING UPDATE
Change in Tax Law Affects IRAs in 2007
Recent legislation allows individuals over 70 years of age and older to make a
current gift of up to $100,000 from traditional or Roth Individual Retirement
Accounts (IRAs). This provision opens a new philanthropic opportunity for
holders of IRAs. The advantage here is that although donors do not receive
charitable tax deductions for their IRA gifts, they do avoid paying taxes on the
gift amounts—taxes that would otherwise be incurred upon withdrawal of the
IRA funds.
At 70, owners of IRAs must begin taking taxable distributions from their plans.
(IRAs were never intended to avoid taxes, only to defer them.) Many people
may therefore fi nd it more advantageous to make charitable gifts from their IRA
accounts, rather than from other resources.
This opportunity applies only to gifts made during calendar year 2007. The
transfer of funds must be made directly by your Plan Administrator. (Withdrawing
money from one’s IRA and then giving it to the charity would be treated as a
taxable distribution, thereby incurring some income tax liability.)
You may also consider naming Virginia Seminary as a benefi ciary of a portion
of the amount remaining in your IRA at the time of death, as it is often more
advantageous to leave IRA assets to charity, and cash and stocks to family.
We are grateful for the continued strong support of graduates and friends who
help provide for the fi nancial future of the Seminary in so many wonderful ways.
If you would like to further explore the possibility of supporting Virginia Seminary
with an IRA transfer, please get in touch with your tax advisor, or write or
call Edwin K. Hall, Vice President for Institutional Advancement at
ehall@vts.edu or 703-461-1711.
The Rev. Christine Whittaker and the Rev. Ben
Speare-Hardy are members of the Class of 1990.
Mrs. Whittaker is President of the Alumni
Association Executive Committee and a member of
the Francis Scott Key Society.
106 VIRGINIA SEMINARY JOURNAL AUGUST 2007