Joe Carnevale '71 Extends His Support of Students

Joe Carnevale and Mary Carnevale smiling

Joe '71 and Mary Carnevale

During 30 years in the United States Navy, where he helped build six different classes of ships, Rear Admiral (Ret.) Joseph Carnevale '71 focused on creating a legacy through service and preparing for the future. These same priorities are evident in his dedication to UMass Amherst.

After many years of generous support of the College of Engineering, Joe and his wife, Mary, examined their philanthropic goals. In 2007, they created an endowment to support a student from Joe's hometown of Pittsfield, Massachusetts.

Expanding on their commitment during the UMass Rising campaign, the couple added a bequest to their estate plan that will increase their endowment.

"As a member of the campaign committee for the D.C. region, I believe this is an important vehicle for alumni to consider as we approach the campaign funding goals," says Joe. "Such commitments signal a tremendous vote of confidence and will have a significant impact on support for our students, faculty and programs many years down the road."

Now a senior defense advisor with Adams and Reese LLP and Shipbuilders Council of America in Washington, D.C., Joe enjoys traveling with his family. Each fall, Joe, Mary and his sister, Linda Carnevale '68, come to Amherst to meet the Carnevale scholarship recipient and tour the ever-changing campus. Joe also spends time with student members of the American Society of Military Engineers, sharing his experience, advice for the future and leading by example.

Visit us online to learn how you can create a personalized legacy at UMass Amherst. Contact Office of Planned Giving at 413-545-4200 or jkjayne@umass.edu to discuss how you can help shape the future of the University with a gift in your estate plans.

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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