A Gift of Gratitude

Washburns Give So Others Can Get an Education of a Lifetime at UMass

Beth and Paul Washburn

UMass grads Beth and Paul Washburn are giving back to the University with an endowed scholarship that helps several undergraduate students each year.

Paul C. Washburn III ’81, ’84 MBA is a graduate of the University of Massachusetts Amherst’s College of Engineering. His wife, Elizabeth (Baker) Washburn ‘84 is a graduate of the Isenberg School of Management at UMass.

Paul has remained involved with the College of Engineering since graduation. He currently serves on the Industry Advisory Board for the Department of Mechanical and Industrial Engineering, and he is a former co-chair of the board.

He and his family have also endowed an academic scholarship that provides financial support to several undergraduate industrial engineering students each academic year. Paul and Beth provide a gift each year to grow this endowment. Paul sees this as a way to give back to the college and department that provided him with the education that gave him the tools for a highly successful career in industrial engineering and quality systems management.

Recently, Paul modified his estate plan to provide a gift from his traditional IRA to the scholarship. This IRA designation will provide support for the continued growth of the endowment for future generations of industrial engineering students. Gifts from the traditional IRA can also provide tax advantages to Paul’s estate.

Paul and Beth reside in Hopedale, Massachusetts. They have two grown sons who have gone on to professional careers. They enjoy traveling and spending time with family.

Help Shape the Future

Your investment in UMass’ future will impact thousands of bright, bold thinkers and create opportunities that will prepare the leaders of tomorrow to succeed in the 21st century workforce. Contact Office of Planned Giving at 413-545-4200 or jkjayne@umass.edu to learn more.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Massachusetts Amherst a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I designate _________________ to the University of Massachusetts Amherst at Memorial Hall, 134 Hicks Way, Amherst, MA 01003-9270. I request this gift be used for __________________ (for instance, a specific department, college, school or program, a scholarship, or for general purposes of the campus)."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to UMass Amherst or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to UMass Amherst as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to UMass Amherst as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and UMass Amherst where you agree to make a gift to UMass Amherst and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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