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UNIVERSITY OF WISCONSIN FOUNDATION | SPRING 2019 2 DIVIDENDS | UNIVERSITY OF WISCONSIN FOUNDATION The University of Wisconsin Foundation engages those who care about the university; provides opportunities to enhance its teaching, research, and outreach programs; and guarantees ethical stewardship of the gifts received. LEVERAGING MATCHING GIFTS JAY AND KATIE SEKELSKY USE MATCHES TO MAXIMIZE THEIR GIFTS’ IMPACT. INSIDE THIS ISSUE PAGE 2 ay ’81 and Katie Sekelsky ’81 believe in the UW and its mission. “Education is a Donor Profile: Jgame-changer,” Jay says. “It was for me. Which is why we believe so strongly in LEVERAGING giving back to the University of Wisconsin–Madison. And we are truly grateful to MATCHING GIFTS be in a position to do so.” PAGE 4 When they make a gift, they want to make the biggest impact possible. And so Is Your Estate Plan Up to Date? matching funds appeal to them. Over the past five years or so, they have set up 11 Easy Questions to Find Out several endowed funds on campus while taking advantage of matching programs. PAGE 6 They intend to further supplement those endowments through their planned giving. Every Woman Needs a Will The Sekelskys are leveraging both the Chancellor’s Scholarship Program Match and, through their estate plan, the Patterson Match — funded by Susan ’79 and James Patterson — to double the impact of their giving. Both plans support schol- arships for UW–Madison students. Jay and Katie both grew up in Superior, Wisconsin, and the UW was instrumental in shaping their career paths: Katie as a neonatal intensive care nurse and Jay in finance and investments. Cover photo: “Well Red,” a sculpture by artist Douwe Blumberg on the shore of Lake Mendota (Photo: Jeff Miller, University Communications) UNIVERSITY OF WISCONSIN FOUNDATION | DIVIDENDS 3 “We both grew up in very big but hum- ated: the School of Nursing and the They have also taken advantage of ble families,” Katie says. “I knew that I Wisconsin School of Business. matching funds to establish a profes- wanted to be a nurse, so I decided on sorship in the School of Nursing and a When the Sekelskys heard about the Madison as a nursing school — and I named fund for pediatric cancer research Patterson Match for planned gifts, they loved it here. I never wanted to go back. in a joint venture of the Carbone Cancer were intrigued. They had been consider- We both graduated in 1981 and started Center and American Family Children’s ing their estate and thought this offered our careers right here in Madison.” Hospital. Their estate plan will further another chance to make the most impact. supplement these endowments as well as the Chancellor’s Scholarship Program “ Giving now, as well as through our estate, is just a way for us to pay it and the Applied Securities Analysis Program in the School of Business. forward. We are extremely grateful for the opportunities we’ve had. So why not give others the same opportunity by helping to fund their “Giving now, as well as through our estate, is just a way for us to pay it educational futures?” forward,” says Jay. “We are extremely — Jay ’81 and Katie Sekelsky ’81 grateful for the opportunities we’ve had. So why not give others the same opportunity by helping to fund their “We know we want to give back, but the This launched them into long careers, educational futures?” challenge is trying to decide when to with Katie working at Madison General give back. Do we do so in our lifetime To learn more about the Patterson Match, — now Meriter Hospital — and Jay work- so we can see the impact, or do we wait email [email protected]. ing as a financial analyst at Madison Gas and give through our estate?” says Jay. To learn about the Chancellor’s and Electric. When Jay finished his MBA “With matching gifts, we had the best of Scholarship Program match, email in 1987, he took a job with the investment both worlds. We could make gifts today [email protected]. firm Wellington Management Company to establish funds in the areas on cam- in Boston; but they returned to Madison pus that are the most important to us in 1990. As their careers advanced and and then add to them through careful their family grew, their connection to estate planning. The various matching the UW only became stronger. All three opportunities just made those deci- of their children earned UW degrees; sions so much easier.” Jay has been on the board for the Wisconsin Foundation and Alumni Describing the match as a “half-off sale,” Association, and he sits on the advisory Jay says that he and Katie were impressed boards for the Applied Securities Analy- by the opportunity to double the effect of sis Program in the Wisconsin School of their gift while carefully planning their estate. Business, the Center for Professional and They designated funds to the Chancellor’s Executive Development, and the UW’s Scholarship Program, which helps UW American Family Children’s Hospital — students from underrepresented groups. and Katie is on the board of advisers for Dollars from the Chancellor’s Scholarship the Carbone Cancer Center. Program matching fund then doubled the size of their gift, and funds from the And over the years, they’ve given sup- Patterson Match increased it further and port to the university — particularly to are now available for immediate use. the programs from which they gradu- A spirited banner outside Bascom Hall (Photo: Andy Manis) 4 DIVIDENDS | UNIVERSITY OF WISCONSIN FOUNDATION IS YOUR ESTATE PLAN UP TO DATE? 11 EASY QUESTIONS TO FIND OUT Mark Twain, in parody of the proverbs of Ben Franklin, once available for heirs, but they would have no personal respon- wrote, “Never put off till tomorrow what you can do the day sibility for it. In addition, an heir pays no income tax on after tomorrow just as well.” Unfortunately, when it comes to inheritances of cash, securities, real estate, tangible personal estate planning many people tend to adhere more to Twain’s property — such as automobiles and artworks — and certain parody than to the real adage: “Never put off till tomorrow other property. Moreover, an inheritor who sells any of these what you can do today.” assets will be taxed only on capital gain that accrues after the death of the person who gave the property. The sad reality about procrastination is that eventually there However, an inheritor does pay income tax on gain in cer- isn’t going to be a day after tomorrow — and the absence tain items that if disposed of by the decedent would have of an up-to-date estate plan could lead to some unhappy been taxed as ordinary income. For example, if an individual heirs. There truly is no time like the present when it comes to is named as beneficiary of remaining assets in a regular IRA reviewing (or creating) your estate plan. that was funded by pre-tax dollars, every dollar received will START YOUR REVIEW BY ANSWERING OUR be subject to income tax. The same would be true of gain in LIST OF QUESTIONS U.S. savings bonds or of gain in a commercial annuity. The following checklist of 11 easy questions will help you Gain in these assets is not taxed if a charity is named as benefi- determine what needs to be done. If you are able to answer ciary. Thus, if you want to make a charitable gift to the UW and “yes” to all of these questions, you are to be congratulated provide for heirs, it is generally preferable to make us beneficiary for having a complete estate plan. Any “no” answers should of assets that would be taxable to your heirs and to give your constitute your estate-planning agenda. heirs other property that would not be subject to income tax. For instance, some people think that once a will is written HONOR A LOVED ONE WITH A TRIBUTE GIFT that it is good forever. But you may need to update your AND JOIN THE WISCONSIN LEGACY SOCIETY will if your marital status has changed, if you have moved “ Our donors find it rewarding to make to another state, if the size of your estate has increased or gifts in their loved ones’ names.” decreased significantly, if children or grandchildren have been — Jennifer McFarland MA’96, Associate welcomed into your family, or if the person named as your Vice President and Managing Director executor may be unable to serve. Tribute gifts have become particularly popular in recent In order to understand estate-planning issues and to be bet- years as donors seek ways to honor their loved ones. You can ter prepared for meetings with the legal and financial advi- endow a named fund with the University of Wisconsin Foun- sors who will be assisting you with your estate plan, please dation that stands in permanent tribute to a parent, spouse, return the attached reply card to receive a complimentary or other beloved family member. The fund can be in your copy of Planning for Your Future: A Personal Estate- own name as well. You can designate the named fund to sup- Planning Course. port a particular department or program. WILL YOUR FAMILY MEMBERS PAY TAX Please contact us for more information about tribute ON THEIR INHERITANCES? gifts with the University of Wisconsin Foundation or visit If any federal estate tax is due, it will be paid from the estate supportuw.org/legacy. of the person who has died. The tax would diminish what is UNIVERSITY OF WISCONSIN FOUNDATION | DIVIDENDS 5 STAY IN TOUCH WITH US! The University of Wisconsin–Madison wants to stay in touch with you.