scholarships open doors - UCLA Office of Gift Planning

IMPACT
IN SIGH T S & OP T ION S
UCLA LEGACY SOCIETY NEWS
SCHOLARSHIPS
OPEN DOORS
Yo u r L e g a c y N e w s l e t t e r
Shera Falk (middle) with scholarship recipients (from left) Cameron Rahmani,
Camille Miller, Gregorio Gonzalez and Rayvonn Anthony Lee.
In March 2013, the UCLA Office of Scholarships hosted the Shera and Peter Falk Lt. Columbo
Memorial Scholarship dinner. The gathering featured the UCLA Philharmonia, and Shera Falk
met for the first time with her Falk scholars. All four students were selected to receive full-ride
scholarships for their undergraduate studies at The UCLA Herb Alpert School of Music.
Mr. Joe Bryant and Ms. Debra Stevenson
Mr. & Mrs. Jerome Wollman
Thank You!
Cameron Rahmani, trombonist - “I have dedicated hundreds of hours to my music. That’s what it
takes to get into a top school on both music and academic merits. Receiving the scholarship was like
getting the biggest gift you could possibly ever get. Now, I can focus on my music without worrying
about money. What Mrs. Falk did for me is life changing and it is fantastic to get to know her.”
Camille Miller, violinist - “Among the 13 top schools that accepted me, the choice was obvious.
A full scholarship at UCLA, with such a broad range of academic opportunities besides a great
music program, that’s a great gift that very few students receive and it’s a great motivating factor.
Meeting Mrs. Falk was just amazing. She explained her feelings about philanthropy and I want to
do that, too, in the future.”
Mr. & Mrs. Larry Maisner and Mr. & Mrs. Leonard Mandel
Ms. Sylvia Wong and Ms. Bernice Schneiderman
SUMMER 2013
On May 5, 2013, members of the UCLA Legacy Society were
invited to join Chancellor Gene Block and Mrs. Block at the
Chancellor’s Residence to celebrate their commitment to
the future of the University. In his address, Chancellor Block
highlighted UCLA’s upcoming Centennial Campaign and
underscored the important role of scholarships in the University’s
mission to provide access to educational excellence.
UCLA News, Projects and Achievements
You are what you eat - A study, led by Dr. Kirsten Tillisch with scientists at UCLA’s
Gail and Gerald Oppenheimer Family Center for Neurobiology of Stress, in the
Division of Digestive Diseases and at the Ahmanson-Lovelace Brain Mapping
Center at UCLA, uncovered evidence that regular consumption of beneficial
bacteria known as probiotics, most commonly found in yogurt, affect brain
function. As the complexity of the gut flora and its effect on the brain is better
understood, researchers may find ways to manipulate the intestinal contents to
treat chronic pain conditions or other brain-related diseases.
Gregorio Gonzalez, opera singer - “Things happened backwards for me. I had a career before
attending college. My mother brought me over from Mexico as a minor, and, in 1995, a tangle
of immigration law changes blocked access to college. So I made my own path and became a
successful opera singer, performing at the Metropolitan Opera in New York, at the L.A. Opera and
in Europe. Despite all the accolades, I felt unfinished. I have been waiting for more than 17 years to
get my degree, and Mrs. Falk put me in a position to complete this dream. I feel extremely lucky and
very proud.”
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Ms. Cindy Sardo
INSIGHTS & OPTIONS | UCLA Office of Gift Planning
10920 Wilshire Blvd., Suite 1400 | Los Angeles, CA 90024
(800) 737-UCLA (8252) | www.legacy.ucla.edu | [email protected]
Ms. Angela Vines
The purpose of this publication is to provide general gift, estate, and financial planning information. It is not intended as legal,
accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the
services of appropriate advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other
legal document. Tax deductions vary based on applicable federal discount rates, which can change on a monthly basis. Some opportunities may not be available in all states. ©MMXI RFSCO, Inc. All Rights Reserved. NAXX-11
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Chancellor Gene Block and Mrs. Block with scholarship recipients
Nathalie Lopez, freshman life science major, and Zhiwei Liam
Yuan, senior economics major and non-commissioned officer of
the California Army National Guard.
Dr. Kirsten Tillisch
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Rayvonn Anthony Lee, composer - “I come from a low-income family in Los Angeles, I entered
foster care by age 15. I’ve always kept close at heart a deep passion for music composition and the
goal of becoming one of the first African American contemporary classical composers of the 21st
Century. I got in UCLA and I was willing to accept major debt to obtain a higher education. When
I was offered the full scholarship, I was in shock and overwhelmed. This opportunity relieves so
much stress. I can now focus on academics and grades. I have already been inducted into UCLA’s
Honor Society for maintaining a GPA above 3.5, which puts me at the top 20% of my graduating
class. I was nervous about meeting Shera Falk, but she turned out to be the most open person I
had ever met. I just remember thanking her about a million times for changing my life.”
The Fowler Museum turns 50 - At the heart of campus, this museum showcases
global arts and cultures—from time-honored traditions to new productions by
international contemporary artists—with an emphasis on works from Africa, Asia,
the Pacific and the Americas. Over the past five decades, the museum has become
one of the leading world arts collections in the nation.
Royce Hall, UCLA
landmark
Nigerian twin figures
at the Fowler
New tax legislation and UCLA philanthropists - On January 1, 2013, Congress
enacted the American Taxpayer Relief Act (ATRA). This legislation actually creates
new opportunities for tax-effective ways to support UCLA, both now and in the
future. See pages 3-4 for more information.
ACTION
CAUSE
“JUST ONE MORE THING...”
Peter Falk was most often recognized for the frumpy and seemingly
absent-minded detective character he crafted for the television series,
Columbo. Whenever Columbo tucked in a last-minute question at the end
of an interrogation, “just one more thing…,” you knew that he was on to
some truth-revealing facts.
Peter Falk as Columbo and Shera Danese Falk
Has Congress Changed Your Will?
Being remembered for something you believe in - “Peter felt very strongly
about education,” Shera says, “and so he decided to set up a scholarship fund.
The question was ‘where?’ He was not an alumnus, but in the end,” Shera
recalls, “he felt that UCLA was such a powerhouse for education and art and
research that this was where his gift would have the maximum impact.”
“M
eeting the students at their
concert event was like a dream
come true. It immediately felt like
family, and I felt such pride during
their performance. I thought,
‘I didn’t need to have children,
I have my children now.’ ”
- Shera Danese Falk
Last January, Congress extended relief from estate and
gift taxes for many more individuals. The amount now
exempt from federal estate and gift tax is $5.25 million
per person for 2013. The maximum rate of tax for larger
estates was raised to 40%. These changes mean that
most people will no longer be subject to federal estate
and gift taxes.
Building a personal and lasting legacy - Shera is working
hand in hand with the UCLA Scholarship team to create the Falk
legacy. “Everything seemed to fall into place,” she says. “The
support of education fits Peter’s intent. And, the first set of
full-ride scholarships is for music students—including an opera
singer—which honors Peter’s mother’s love of music and of
the Metropolitan Opera. It was as if it was meant to be.”
More assets to give to others - Many UCLA friends
and alumni may now make their estate plans with
less concern about federal taxes on amounts left to
loved ones. With no federal tax due, they can increase
amounts left to heirs while making the same or larger
charitable gifts through their estates. In many cases,
this can be achieved without the use of complex plans.
Giving gives something back - Shera describes her
philanthropic experience as life-changing. “This was also a
gift to me. I get such an exciting sense of making a difference.
I hope the scholarships open doors for these students. That’s
what Peter would want.”
Avoid taxation on IRA distributions - Donors over
age 70 ½ may, at any time during 2013, transfer up
to $100,000 ($200,000 for couples with separate IRAs),
tax-free, from these accounts to The UCLA Foundation,
in support of any area of the University that interests
them. This charitable IRA rollover is a great option for
donors who would also like to see their philanthropy at
work immediately, for example, through establishing a
UCLA scholarship fund.
Ensuring Excellence Far Into the Future
“Every legacy gift is personal and our team always works closely with each donor to build a meaningful
connection, make sure their intentions are honored to the letter and have a lasting impact.”
Through scholarships, UCLA removes financial barriers for talented students and competes with
other top universities for the best and brightest applicants.
—Jacquelean Gilliam, Executive Director, UCLA Office of Scholarships, Development
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The charitable income tax deduction remains intact. In fact, new, higher tax rates may
make it possible to give more at an even lower after-tax cost.
The law includes provisions that encourage charitable giving. The charitable IRA rollover
(see page 3), for example, can be especially attractive if you are paying high taxes on
mandatory distribution amounts. These amounts may cause your Social Security income to
be taxed at higher rates if you have reached the limit for how much you can deduct, or if
your state does not allow deductions for charitable gifts.
THE LEGACY
OF A LIFETIME
Off screen, Peter Falk capped his long and successful life with one more
transformative thing: Through his estate, he left a legacy gift that would impact
the lives of bright young students for generations. When he passed away, in June
2011, his wife, Shera, set out to make Peter’s decision a reality.
HIGHLIGHTS OF THE 2013 TAX LAW
Revisions of estate and gift tax law make it possible for many to include charitable gifts as
part of your estate plans while also providing more for loved ones.
Why Share Your Plans?
If you have included UCLA in
your estate plans (or intend
to), here are 4 good reasons
to let us know:
•U
CLA would like to make
sure your wishes are
understood and that your
gift will be used as you
intend.
•W
e can provide you and
your advisors with sample
gift language to include in
your will or living trust, if
desired.
• T he University would like
to thank you and welcome
you into the UCLA Legacy
Society.
•U
CLA handles all inquiries
and communications
with the utmost care and
confidentiality.
Higher income earners may see a reduction of their total itemized deductions by 3%
of the portion of their Adjusted Gross Income that exceeds $250,000 for single persons
($300,000 for married filing jointly). In most cases, these reductions will not affect
charitable deductions because mortgage interest, state taxes and other deductions absorb
the reduction amounts whether or not charitable gifts are made.
Congress also raised income and capital gains tax rates for some taxpayers. This means
that gifts of appreciated property can be even more attractive than in the past for those
who want to support UCLA (see box below).
If you wish to revisit the philanthropic aspects of your estate and financial plans in light of the
new tax law, we will be pleased to assist you and your advisors.
Reducing or Bypassing Capital Gains Tax
Increased capital gains tax rates can mean even greater savings for those who
enjoy supporting UCLA.
Gifts of securities (stocks, bonds or mutual funds) and certain other types of
property are generally deductible at their full value, if owned for more than a
year. The after-tax cost of giving in this way can be much less than a comparable
gift of cash.
These gifts also result in bypassing the capital gains tax that would be owed in the
event of a sale.
The new 3.8% Medicare contribution tax is also not due on amounts given for
charitable purposes, so those subject to that tax will save even more.
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