Office of Estate and Gift Planning

Make a gift through your IRA starting at age 70½.

At age 72, you’re required to start taking a minimum distribution from your IRA. However, you can make direct donations to charitable organizations beginning at age 70½. These donations are called Qualified Charitable Distributions (QCDs), and each eligible individual can give up to $100,000 per year. This is a smart way to give, as QCDs are not taxed. After age 72, QCDs can be used to fulfill your required minimum distribution each year.

Reduce taxes for your heirs with one simple beneficiary change.

Many donors include charitable gifts to Pacific in their estate plans. One tax-smart strategy is to designate Pacific as a beneficiary in your IRA, 401(k), or 403(b) account, or to designate a charitable gift to Pacific from your retirement account as part of your will or trust. Designating a charitable gift specifically from a retirement account allows your heirs to receive other, non-taxable assets from your estate, which can save them income taxes. 

Leverage “bunching” or use a Donor Advised Fund (DAF) to give annually.

If your total itemized deductions are less than $13,850 (for single filers) or $27,700 (for married couples filing jointly), you could benefit from “bunching” your 2023 and 2024 charitable donations together in 2023 to exceed your 2023 standard deduction. You can then itemize deductions on your 2023 tax return and take the standard deduction for 2024 taxes. This strategy may produce a larger one-time deduction than two years’ standard deductions.

Take advantage of inflation.

As we continue to experience rising costs, your own assets may be increasing in value. Consider making year-end charitable gifts using appreciated non-cash assets rather than cash. Appreciated assets like stocks create two tax benefits: You’ll offset capital gains, and you’ll receive a charitable deduction on your tax return.

Take advantage of higher interest rates.

Interest rates have gone up, but so have Charitable Gift Annuity (CGA) annual payout rates. You can lock in these higher rates for one or two lives when you set up a CGA through Pacific. This type of gift pays you or a loved one income for life, and the higher rates create a larger charitable deduction. Double up on your tax benefits by establishing a CGA using appreciated assets instead of cash.

Each year University of the Pacific’s Office of Estate and Gift Planning receives many inquiries about how to start an estate plan, which attorney to use, how to save taxes and ways to provide for loved ones.

Our students benefit greatly because generous donors took the time to include Pacific in their plans. This guide is our way of saying “thank you” and our hope is that it helps you find the right attorney and prepare for the consultation.

Gifts that Cost You Nothing

Gifts that Increase Income and Reduce taxes

Gifts of Real Estate

Charitable Giving through IRA

Planning Your Legacy Brochure

Letter of Intent

Sample Wording for Will and Living Trust Bequests

1. Unrestricted Bequest
   I/we, [full legal name(s)], of [County, State] give and bequeath to University of the Pacific, a non-profit 501(c)(3) corporation organized under the laws of the State of California and located in Stockton, California, the sum of $__________________dollars (or ____% of my estate or description of property), to be used as the University may direct.

2. Bequest for Unrestricted Endowment
   I/we, [full legal name(s)], of [County, State] give and bequeath to University of the Pacific, a non-profit 501(c)(3) corporation, organized under the laws of the State of California and located in Stockton, California, the sum of $____________________ dollars (or ____% of my estate), to be invested and preserved as part of the scholarship endowment fund of the University.

3. Bequest of Real Estate
   I/we, [full legal name(s)], of [County, State] give and bequeath to University of the Pacific, a non-profit 501(c)(3) corporation organized under the laws of the State of California and located in Stockton, California, all that unencumbered real property described as_________________________________ (Insert property address) along with the appurtenances in fee simple, for the use and benefit of the University [or state purpose here].

4. Residuary Clause:
   I/we, [full legal name(s)], of [County, State] give all the rest, residue, and remainder of my/our estate, [real, personal and mixed], of whatever kind of nature, and wherever situated, to University of the Pacific, a non- profit 501(c)(3) corporation organized under the laws of the State of California and located in Stockton, California, to be used as the University may direct [or state purpose here].

5. Bequest for Restricted Endowment Scholarships:
   I/we, [full legal name(s)], of [County, State] give __________[state specific school or unit]_______at the University of the Pacific, a non-profit 501(c)(3) corporation organized under the laws of the State of California and located in Stockton, California, $________________ (or ____% of my estate), to [establish or enhance] “The _______________________ Endowed Scholarship. The fund shall be used to establish or enhance a scholarship or scholarships as outlined in my University of the Pacific gift agreement. *Note: restricted endowments must be accompanied with a gift agreement, please contact the Office of Estate and Gift Planning to assist you with this step.

6. Beneficiary Designation Change Form: List spouse as primary (first) beneficiary and University of the Pacific, a non-profit 501(c)(3) corporation organized under the laws of the State of California and located in Stockton, California as secondary (contingent) beneficiary.

   Bequest Designation for Retirement Account: The beneficiary is my spouse as long as [he/she] survives me. If my spouse does not survive me, I give and bequeath ___% of my retirement account held at ____________ to the University of the Pacific, a non-profit 501(c)(3) corporation organized under the laws of the State of California and located in Stockton, California, to be used as the University may direct [or state purpose here].

   **Please insert the appropriate school designation after “University of the Pacific” to direct support to a specific school, unit or program. For Example: University of the Pacific, McGeorge School of Law

   University of the Pacific’s TAX ID #94-1156266

The codicil, to be valid, must be signed in the presence of witnesses, and the original should be placed with your other valuable papers. A copy can go to your lawyer and a copy to University of the Pacific.

Thank you for your interest in making a gift of stock or mutual funds to University of the Pacific. We are grateful for your support! There are two significant benefits to giving appreciated marketable securities: First, such gifts create an income tax charitable deduction equal to the current fair market value of the securities being given. Second, such gifts normally allow the donor to avoid the capital gains tax otherwise payable on the appreciation in the value of the securities being given.

During normal business hours please contact Advancement Services at 209-946-2202.  

In your work as an advisor, you value professionalism, integrity and honesty, taking the utmost care when serving your clients.

As a nonprofit organization, University of the Pacific shares your values and takes the same care when it comes to helping our donors plan charitable gifts.

We believe that charitable planning is a process that ideally involves the donor, professional advisors, and our gift planning staff — all working together to arrange the best gift possible. Our development team is well-trained and skilled in the application of all vehicles of strategic philanthropy.

209-946-2775 or legacy@pacific.edu. 

Pacific faculty and staff have always been strong supporters of this university’s commitment to provide education that is a rich blend of liberal arts and professional education from the highest quality educators. You are making a difference now, and have the opportunity to make a lasting difference for future generations.

Faculty and staff giving demonstrates to our alumni and friends that we are people with shared goals, dreams, and priorities who value this university and the contributions our work makes to our communities.

Please join your colleagues in supporting our university and the contribution that we all make in the lives of our students. Donations can be made in a variety of ways, and faculty and staff can designate for any school or department, or for scholarship purposes—simply tell us where to direct your support.

How do I add Pacific as a beneficiary on my TIAA Retirement Account?

1. Start by visiting Fidelity NetBenefits
2. Login or Register for online access if you have not already done so
3. Click the ‘Accounts & Benefits’ tab at the top left side
4. Select ‘Update Your Beneficiaries’ at the bottom right of the drop down menu
5. Select the account and ‘Manage’ under ‘Edit’ add the following information.
6. Complete all fields
   • Organization/Institution Name- University of the Pacific
   • Relationship- Institution
   • Date Organization/ Institution Established- 07/10/1851
   • Tax ID Number- 941156266
   • Country- United States
   • Residential Address- 3601 Pacific Avenue, Stockton CA 95211
7. Update beneficiary percentages

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