Perfect Timing for Charitable Gifts Through IRAs
The stars aligned in 1955 when Jack Frable ’59 MD, ’60 GME, ’64 GME, ’97 P and Mary Ann Frable ’59 MD, ’64 GME met during their first year in medical school. They married the following year and by Commencement had a special guest in tow—their daughter, Deborrah, the first ever child of two Northwestern medical students.
The Frables have since created a lasting legacy at Northwestern’s Feinberg School of Medicine by establishing the Frable Medical Students Scholars Program, an endowment that provides merit-based scholarships to help the school attract the most talented medical students.
“The Frables’ incredible generosity allowed me to attend my top-choice medical school, a gift I will forever be grateful for,” says Frable Scholar Matthew Stratton. “But equally important, the Frables’ commitment to Feinberg has taught me the importance of fostering and investing in the next generation of medical students. They have inspired me to do the same after I graduate.”
Jack and Mary Ann have enjoyed following the exciting global careers of their scholarship recipients and seeing the broad, deep impact of their charitable giving. So, when Congress made it possible for donors age 70½ or older to make tax-free gifts of up to $100,000 from traditional or Roth IRAs through December 31, 2013, they took advantage of this opportune time to make a “rollover” gift. Donors who wish to seize the benefits of this exciting giving opportunity can make a direct distribution to Northwestern from their IRA account and exclude that amount from their adjusted gross income. As Jack explains, “The reinstatement of the IRA charitable rollover enabled us to make our remaining pledge payment to Northwestern and to simultaneously experience significant tax benefits—it was the perfect time to fulfill our pledge and accelerate the benefit to top-notch students and their future patients.”
If you are interested in learning more about how to include Northwestern University in your estate plans or about ways tomake a tax-advantaged gift from an IRA, please contact Northwestern Gift Planning at 800-826-6709 or giftplanning@northwestern.edu.