Stories of Impact
Creative Giving Benefits Everyone
Donna and Tony Dill
In uncertain economic times, creative financial management is a must for households and businesses. Creative charitable giving, however, is also wise—but sometimes overlooked.
Tony Dill and his wife, Donna, are faithful givers to Rockhurst University. Recently, the Dills changed the way they give to ensure their annual donations grow far beyond face value.
The Dills purchased a life insurance policy on Tony, naming Rockhurst University as owner and beneficiary. In the event of Tony's death, the university will receive the benefit. Their annual donation to Rockhurst is now used to pay life insurance premiums on the policy, ultimately maximizing the size of their gift.
When Tony turned 70½, he was required by law to withdraw a minimum amount each year from his IRA. These funds are considered income and are, therefore, taxable. Being savvy and generous donors, the Dills took advantage of a charitable IRA rollover provision, which allowed for up to $100,000 of IRA assets to be directly transferred to charity without the funds being treated as income. Tony rolled the funds from his IRA to Rockhurst University to pay the insurance premiums on the insurance policy tax-free. Rockhurst University benefited from the Dills' generosity, and the Dills eliminated additional taxation.
While the charitable IRA rollover expired at the end of 2011, we hope Congress will extend this opportunity retroactively for 2012, as creative contributions benefit the giver as well as the recipient.
How Does One Learn to Give Back?
Tony, a 1961 graduate of Rockhurst University, learned the importance of philanthropy from his parents, Alfred and Helene. The elder Dills donated substantial time and resources to the Catholic schools where their two sons were educated. Upon Helene's death in 2001, Rockhurst University received a substantial bequest from her estate, and the Alfred and Helene Dill Endowed Scholarship was created. Thanks to their thoughtful planning, Alfred and Helene will forever be memorialized as generous parents and donors of Rockhurst University.
Tony and Donna hope to mirror the generosity of Tony's parents. They would like his life insurance policy and other assets left to the university through his estate, to endow a teaching chair in the history department.
Tony earned a bachelor's degree in history and went on to graduate from St. Louis University Law School. He now specializes in estate planning law, assisting others in finding creative ways to give back.
Much like the resourceful servants in the Parable of the Talents who multiplied their master's money, Tony and Donna have established ways to ensure their donations grow to capacity. The benefits that Rockhurst will receive through the Dills' creative gift planning will ensure that their love and appreciation for Rockhurst University live on perpetually.
Did You Know?
By committing to a planned gift, you can become a member of the prestigious Heritage Society with other members of the Rockhurst community who value their education and want to see the Jesuit tradition of Rockhurst University continue.
If you would like to learn more about creative gift plans that could support our educational mission while providing you with tax benefits, just contact Paula Moss at 816-501-4418 or Paula.firstname.lastname@example.org to discuss how best to leave your legacy at Rockhurst.