GWMBI

Support

Ways to Give

Through One-time Gifts
You may make a one-time gift to the GW Mind-Brain Institute (GWMBI) scholarship fund by sending a check directly to: Dr. John W. Philbeck, Department of Psychology, George Washington University, 2125 G Street, Washington D.C. 20052. Checks should be made out to "Department of Psychology, George Washington University" and the memorandum line should read "GWMBI Scholarship Fund."

Through Multi-Year Pledges
To make a pledge to the GWMBI scholarship fund, please contact Dr. John W. Philbeck by electronic mail (philbeck@gwu.edu) or telephone 202-994-6313 to request pledge materials. Please include a United States mail address in your request.

Through a Contribution of Securities or Property
Gifts of common stocks, bonds, mutual funds, or other appreciated securities may be made to the GWMBI fund. A popular benefit of such a gift beyond the charitable income tax deduction is that, in most cases, capital gains tax on the appreciation of the securities can be avoided.

Gifts of real estate and many other properties of value may be made to the GWMBI fund as well. These gifts can often receive the same tax treatment as gifts of securities: no capital gains tax plus deductibility at fair market value.

Consideration of such gifts should be undertaken in concert with your tax and financial advisors.

To consider a gift of appreciated stock or other appreciated property, you or your representative may contact Dr. John W. Philbeck at 202-994-6313 or philbeck@gwu.edu.

Through a Deferred Gift*
There are a variety of mechanisms by which you can make a deferred gift to the GWMBI fund. A number of the more popular mechanisms are briefly described below. Consideration of a deferred gift should be undertaken in concert with the appropriate financial and estate planning advisors, as well as other affected parties. To consider making a deferred gift to the GWMBI fund, you or your representative may contact Dr. John W. Philbeck at 202-994-6313 or philbeck@gwu.edu.

Bequests (in a Will or Living Trust)
The most common form of deferred giving, a bequest is made through a will or living trust. Bequests may be stated as a percentage of your estate, as the residual of your estate, or for a specific dollar amount. Since a will can be changed, no income tax benefits are associated with a bequest. However, your estate is reduced by the amount of the bequest for estate tax purposes.

Charitable Trusts and Annuities

A Charitable Remainder Annuity Trust (CRAT) may be funded through a gift of stock, cash, or other assets. This type of gift provides for a predictable, fixed life-long income for you and your beneficiaries. No additional contributions may be made to a CRAT; however, additional annuity trusts may be established. You may claim a tax deduction for the estimated portion of the assets that will ultimately go to the GWMBI fund.

A Charitable Remainder Unitrust (CRUT) provides yearly, fluctuating income to you or your beneficiaries for a specified number of years, or for life. Additional contributions may be made to the trust, and upon the death of the last beneficiary, the GWMBI fund receives the principle. The estimated remainder is tax deductible.

A Charitable Gift Annuity is a contract between you and the recipient whereby the recipient agrees to pay a fixed annuity to a maximum of two beneficiaries (immediately or deferred) in exchange for the irrevocable transfer of assets by you to the recipient. A portion of the annuity payment may be income tax-free, and an income tax deduction may be allowed for the difference between the value of the gift and the present value of the annuity.

A Deferred Gift Annuity is similar to a Charitable Gift Annuity in that you make a gift now and receive an immediate income tax deduction. However, in this instance you will begin receiving the annuity payments at a future pre-determined date. Due to the compounding of the gift's income, the amount of the annuity payments can be significantly greater than the annuity payments under the Charitable Gift Annuity.

Retained Life Estates
You may transfer the ownership of a personal residence or a farm to a recipient, while retaining the right to live there for the remainder of your life. You will be entitled to a charitable income tax deduction for a portion of the appraised fair market value of the property at the time of the transfer. In addition, you escape capital gains tax on the property's appreciation and the estate will be entitled to a charitable tax deduction.

Retirement Accounts
You may name the GWMBI fund as the beneficiary of the account with the value being fully deductible for estate tax purposes. Tax on income in respect of a decedent is avoided since the University is tax-exempt.

Life Insurance
The GWMBI fund can be named the beneficiary of a life insurance policy to create a gift of much greater value than the actual money you paid. You may contribute a "paid up" policy to the GWMBI fund and receive an income tax deduction equal to the policy's cash value. Or, a donor can name the GWMBI fund as the beneficiary of the policy resulting in estate tax savings. Or, a donor can name the GWMBI fund owner and beneficiary of a new policy and receive an income tax deduction for the premiums paid.

Charitable Lead Trusts
With a Charitable Lead Trust, the college receives income from the donor's assets for a specified period of time, after which the asset is transferred back to the donor or to the donor's heirs. A lead trust can reduce gift and estate taxes or provide a charitable deduction for the donor.

* Each of the deferred gifts is closely regulated by law and requires special arrangements and tax treatment.

This web site is maintained by John Philbeck (email: philbeck@gwu.edu. Date last modified: April. 22, 2009. The views and opinions expressed on these pages are those of the author. The contents of this page have not been reviewed or approved by The George Washington University.

Upcoming Events

News

Institute Chartered

Contact Us

Phone: 202-994-6313

Fax: 202-994-1602

Email: philbeck@gwu.edu

Address:

GW Mind-Brain Institute

c/o Department of Psychology

George Washington University

2125 G. Street, NW

Washington, DC 20052