The University of Redlands’ Advancement Division recently offered Money Matters, a series of three virtual workshops focused on financial literacy and wellness.
“We wanted to help our alumni and friends with planning for their futures,” says Assistant Vice President for Advancement Tony Truong, who spearheaded the new series. “Our constituents have a thirst for this knowledge, and we hoped to empower participants with the tools and information they need.”
Myth busting and more
Kathleen Albrektson, who has been in private practice since 1994 and is the founding partner of Albrektson & Shumate Law Office, led the first session on March 2, “Busting the Myths about Estate Planning.” This workshop covered the essential components of an estate plan, common pitfalls to avoid, and other special considerations.
On March 16, financial advisor with Morgan Stanley (and proud mother of three U of R alumni: Megan ’09, Danielle ’11, and James ’14) Kit Mac Nee led the session, “Making a Plan for Your Retirement & Legacy.” This workshop discussed how to plan for one’s future and included an overview of Social Security, Medicare, and long-term care.
The final session on March 30, “Doing Well by Doing Good: Charitable Planning Options,” was led by Truong and Michelle Herting, an expert in tax planning, business valuation, and trust administration. The team discussed charitable options to help participants accomplish their financial and estate planning goals and the associated tax benefits. The workshop was introduced by Thomas McClung ’69, who serves as chair of the George P. Cortner Heritage Society; this group honors individuals who have committed legacies of their own to the University as part of their estate plans or other deferred gifts.
McClung recalled some of his own charitable planning experiences, including some set in motion by his parents, who left specific instructions to each of their three sons—they were to use a portion of their inheritance to fund a charitable gift annuity with a nonprofit organization.
“They wanted us to be philanthropic and also wanted to see that we were taken care of,” says McClung, who chose to partner with the University to establish the annuity. Upon his passing, it will fund the Charles E. and Frances B. McClung Johnston Cross-Cultural Opportunities Grant, a travel grant endowment specifically for Johnston students. When deciding how these funds would eventually be used, McClung considered his overall experience with Redlands as a student, his continued relationship with his alma mater, and the profound change that living in Denmark for 18 months made in his life.
“I also had the opportunity to travel during May Term with students to Greece several years ago,” says McClung. “I am excited by what Redlands is doing today.”
In addition to his charitable gift annuities, McClung has utilized several other gift planning vehicles, such as including the University as a beneficiary for his IRA and giving appreciated assets. He is passionate about educating others about these giving opportunities, which he calls a “win-win” for donors and the University.
“I receive the benefits during my lifetime with guaranteed quarterly payments and tax benefits, and the University helps me create a legacy that supports my interest for years to come,” says McClung. “When I am gone, my contributions will continue long after I pass because I have set up this legacy.”
Learn more about charitable gift planning at the University and the George P. Cortner Heritage Society or contact Assistant Vice President for Advancement Tony Truong at firstname.lastname@example.org or 909-748-8358.