Creating a Georgetown Legacy: Winter 2023 Issue

Creating A Georgetown Legacy

the beginning of every new year is filled with promise, but this seems especially true of 2023. Both the Hilltop and the growing Capitol Campus are vibrant and bustling, and demonstrate the many reasons to have high hopes for a bright year ahead. We look forward to welcoming even more alumni back to campus, especially the Class of 1973’s 50th Reunion, the Class of 1968’s 55th Reunion, and our Magis community.

The new year is also a good time to start or review your estate planning. For many Hoyas, having their estate plan in place is a way to ensure loved ones are taken care of and charities remembered. This newsletter shares information on tax-smart ways to make Georgetown part of your legacy while continuing to care for family.

for bill licamele, m.d., the word “georgetown” is synonymous with the word “family.” He received his undergraduate degree in 1968 and his medical degree in 1972, continuing with the university for his fellowship and residency. He met his wife, Annamarie, at Georgetown; all three of his children—Mary Ann Melkonian (B’01, MBA’08), Louis Licamele (C’04), and William Anthony Licamele (C’07)—attended Georgetown. His volunteer work, going back to 1979, includes being a senator on the Board of Governors and serving on the School of Medicine Advisory Board, Hoya Hoop Board of Directors, Hoyas Unlimited Board of Directors, and as an interviewer for undergraduate and medical school applicants alike. Not surprisingly, he received the 2008 John Carroll Award for lifelong dedication to his alma mater. Yet he still feels like there is more to do.

“Most alumni don’t understand the important role that planned giving has for the university,” explains Bill. “I want to change that. It’s so easy, and yet there are a lot of misconceptions.”

Planned giving allows individuals to make a gift to Georgetown through their estate using a bequest in a will or a trust, or a retirement account beneficiary

We would also like to take this opportunity to thank our Georgetown family for your continued support—whether it’s through the undergraduate schools, Graduate School, School of Medicine, Medical Center, Lombardi, or the Law Center. Your generosity helps strengthen the institution we all love for the next generation of Hoyas.

axendale, MBA, J.D.

Assistant Vice President of Planned Giving

202-687-1747

jason.baxenda le@georgetown.edu

202-687-6778

mls300@georgetown.edu

“At Georgetown, we look out for each other”

Mindy Siebenaler Bopp, J.D., LL.M (L’21) Senior Philanthropic Advisor

Though once upon a time he flunked his Georgetown physical education class, Bill Licamele, M.D. (C’68, M’72, R’74, W’76, Parent’01, ’04, ’07) was a virtual participant in the 2022 Bellringer fundraising ride for the Georgetown Lombardi Comprehensive Cancer Center. He is currently being treated for cancer at the center. “They saved my life,” he shares.

university | winter 2023 giving.georgetown.edu/planned-giving

designation. Planned gifts can be directed to a school or program at Georgetown that is meaningful to you, or left unrestricted so that the university may use it for the area with the greatest need. Since they are revocable, they also provide flexibility in case circumstances change in the future.

Finding an affinity

Bill and his very active Class of 1968 love getting together to reminisce about their time together on the Hilltop. Their relatively small, tight-knit class saw the university grow in more ways than one, including the addition of women. A high percentage of his classmates continued on to Georgetown School of Medicine as it had already been recognized for excellence in clinical teaching.

“I went to a small Jesuit high school so when I arrived at Georgetown, I felt an affinity for the ‘service to others’ mentality. It’s great to see that focus continue through the years,” shares Bill. “For example, in 2007, students started the Hoya Clinic to serve the community, an extension of the work I did with the D.C. Village orphanage when I was a student. I love to see that service mentality.”

“Students also started the Learning Societies at the medical school, a support system with peers, alums, and faculty. Like the Hoya Gateway, it’s so important to foster those connections. At Georgetown, we look out for each other,” he adds.

Enthusiasm and generosity

Bill is the consummate cheerleader for Georgetown. He began volunteering for Hoya Hoops Club in 1979 and still attends

most basketball games. In 1991, he began serving as a Class Ambassador. His involvement is likely one of the reasons that the Class of 1968 has remained so close to this day.

In 2018, Bill and his wife established the William and Annamarie Licamele Endowed Scholarship Fund for students in the School of Medicine as well as the Annamarie and William Licamele Endowed Scholarship Fund for undergraduates using IRA qualified charitable distributions (QCD). If you are 70½ or older, you can direct up to $100,000 each calendar year to charity from a qualified IRA. The distribution is tax-free and counts toward your Required Minimum Distribution (if you are 72) with the added bonus of making a gift to Georgetown

Their giving continued with other scholarships, including one named after Dr. Richard Webber, his undergraduate physiology professor. “The notes from that class helped me in med school,” he recalls with a smile.

The Licameles are members of the Georgetown Legacy Society, which recognizes donors who have included Georgetown in their estate planning. Bill feels so strongly about this program that he helped create the Legacy Cup that is given out to the reunion class with the highest percentage of classmates who have made a planned gift to Georgetown.

“I’d like to encourage everyone to learn more about how planned giving works. The Office of Planned Giving is such a wonderful resource. Every little bit helps this university we love so much.”

Request Creating Your Legacy

Georgetown’s informative estate planning guide includes an outline of the key elements of an estate plan, simple steps you can take to get started with the planning process, a checklist to help you gather relevant documents, and ideas on ways to incorporate charitable giving into your planning.

We know this process can sometimes feel overwhelming, so we hope this guide will be a helpful resource. For your complimentary copy, please return the response card or contact the Office of Planned Giving at 800-347-8067 or plannedgiving@georgetown.edu.

Start the Year by Making a Tax-Smart Gift Using Your IRA

Learn How the Legacy IRA Act Can Help You Receive Income for Life and Make a Gift to Georgetown

Just like Bill Licamele (C’68, M’72, R’74, W’76), if you are 70½ and older, you can direct up to $100,000 each calendar year to charity from a qualified IRA using a Qualified Charitable Distribution (QCD). These distributions are income tax-free, and count toward your Required Minimum Distribution if you are 73 and older. In addition to avoiding income tax, there is the added benefit of supporting a Georgetown school or program with your gift. QCDs must be sent directly to Georgetown from your IRA administrator. In an exciting turn of events, new federal legislation will make the $100,000 amount indexed for inflation starting in 2024—and raises the age for required minimum distributions to 73 in 2023 and 75 by 2033.

The Legacy IRA Act also offers new opportunities to use a QCD to create a life income gift. These gifts pay beneficiaries

A gift that pays you back— now with higher rates!

Charitable gift annuities (CGA) are a tax-savvy way to support Georgetown and create a dependable income stream in retirement years. Creating a CGA with Georgetown allows you to provide a gift to the school or program of your choice while also receiving fixed payments for life. You may also qualify for additional tax benefits, including partially tax-free payments and a federal income tax deduction if you itemize.

CGAs can be funded with cash or appreciated securities, which can have added tax benefits including avoiding capital gains liability. In addition, you can now use up to $50,000 through an IRA QCD (tax benefits may differ) to create a CGA.

Rising interest rates have made CGAs even more attractive due to the increased payout rate (based on the age of the beneficiary). The current payout rate for an 80-year-old is 7.6% and 6.6% for a 75-year-old (based on January 2023 rates).

an income for life while also providing a gift for Georgetown in the future. Individuals can use a QCD of up to $50,000 to fund a Charitable Gift Annuity (CGA) or Charitable Remainder Trust (CRT). Although not limited to a single gift (which allows for multiple CGAs), the full $50,000 must be used within a single year, and can be done only once during the IRA owner’s lifetime.

A few details to note: QCDs must be made to a CGA or CRT funded only with IRA assets, so additional contributions cannot be made to existing CRTs. Spouses may each contribute $50,000 from separate IRAs to create a new CRT together. In addition, CGA and CRT payments are limited to the IRA owner and/or a spouse. When using a QCD to create a CGA or CRT, there is no charitable deduction because the funds were not previously subject to income tax. Other restrictions may apply.

Consider a Cha ritable Remainder Trust

A Charitable Remainder Trust (CRT) is an irrevocable trust that generates fixed or variable income for you and/ or other beneficiaries for life or a term of years, with the remainder of the trust eventually becoming a gift to Georgetown that will impact future Hoyas. A CRT is an ideal gift for those who want to take care of loved ones and leave a legacy at Georgetown.

CRTs offer an immediate tax deduction and provide income while helping with retirement, estate planning, and tax management. Using appreciated securities or real estate to fund a CRT may provide additional tax benefits. As mentioned above, the Legacy IRA Act now allows you to use a $50,000 IRA QCD to create a new CRT (tax benefits may differ).

If you are interested in learning more about making a gift using an IRA QCD, or to request a customized CGA or CRT illustration, please contact the Office of Planned Giving at 800-347-8067 or plannedgiving@georgetown.edu.

Other Ways to Support Georgetown

In choosing to include a gift to Georgetown as part of your legacy, you are continuing a tradition that has spanned centuries: a tradition to educate young women and men to act in the service of others. Below are some of the additional ways to make a gift that provides significant tax benefits while still supporting Georgetown. Visit giving.georgetown.edu/ planned-giving to learn about other creative ways to make a gift now or include Georgetown in your long-term planning.

Bequests

By including a bequest for Georgetown in your will or trust, you add to the legacy of Hoyas that have come before you. Creating this simple, revocable gift allows you to help ensure the future of the university while providing flexibility in case your future circumstances change. Bequests can be designated to a school or program at Georgetown you feel passionately about, or can be left unrestricted and put to use where needed most.

Donate Stock to Georgetown

Beneficiary Designations

Another simple way to leave a legacy is by naming Georgetown as the beneficiary of a retirement account or life insurance policy. Leaving these assets to an individual may decrease the gift by as much as 70% after state and federal taxes are deducted. Due to Georgetown’s nonprofit status, we are able to realize the full value of gifts from retirement accounts, allowing you to leave other assets to loved ones while avoiding tax and maximizing your generous impact to a school or program that is meaningful to you.

Giving appreciated stock or mutual funds is an efficient way to realize a charitable tax deduction for the full fair market value of the shares, avoid capital gains tax on any appreciation, and make a gift to Georgetown. A sample comparison of savings is listed in the chart. For more information or to make a gift of appreciated securities, please contact stocktransfer@georgetown.edu.

For more information on ways to include Georgetown in your estate planning, contact the Office of Planned Giving at 800-347-8067 or plannedgiving@georgetown.edu.

*Stock with a $2,000 basis and $8,000 in capital gain.

2023 Dates to Remember