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Why I Give: Q&A With Jane Meredith Wolf ’61

Jane Meredith Wolf

Jane Meredith Wolf ’61

Q: Tell us a little about your life today.
A: Color me grateful! Midland, Texas, has been home for 50 years, and I am grateful to be living on the campus of a fine retirement community right in Midland. I am grateful for good health so far, for early-morning water aerobics, for the parish family at my church and for longtime friends all over the country. Prior to COVID, I enjoyed traveling, including exceptional trips with College chums. My two precious daughters check on me by phone—and we try to get together whenever we can. That they are well and happy and in work that they enjoy is a HUGE reason I am grateful.

Q: What is your fondest memory from the College?
A: I am so grateful for the education I received at Randolph College. I was not an outstanding student, but I received an outstanding education. Lifelong friendships—and lifelong learning—have enriched my life.

Q: What is your favorite tradition?
A: It certainly isn’t middle-of-the-night fire alarms! The 1961 Helianthus has hilarious photos of many of us standing around outside, in our bathrobes and hair curlers.

Q: Why do you support the College with current and planned gifts?
A: Vita abundantior. The College, more than any other feature of my life, apart from my parents, has made my life richer and fuller than I can possibly describe. The College is in my monthly budget just like my church pledge, my Medicare supplemental insurance and the TV cable/internet bill.

Originally, I had in my will a gift to the College, which would have required handling by my daughters. My new plan is much more appealing. From my personal retirement account, I have established a separate retirement account for several charitable beneficiaries, including Randolph. The College will get a modest “windfall” at my death, and during my lifetime those disbursements I am now required to take (required minimum distributions, or RMDs as they’re called) will also flow to the College and the other beneficiaries of this new retirement account. This takes the matter entirely out of my estate, frees my daughters from any responsibility and lowers my taxable income each year by the amounts of the RMDs to charitable beneficiaries.

Q: Why is it important for people to give to Randolph?
A: A good reason to give, in my opinion, is the benefit to the donor. What a great feeling to realize that you are investing in the future of something much larger than yourself, that you are making good things possible for people you don’t even know. I am grateful to give what I can, knowing it will pay dividends way beyond the actual dollars.

Q: What advice would you give to a new graduate?
A: Expect to be surprised all your life by the ways the College continues to enrich your life. I love this comment by another alum: “With a liberal arts degree and a little nerve, you can do anything.” My four years at our College prepared me—and sustained me—in my professional life and in every volunteer enterprise in which I’ve participated, and now, at 82, enriches my retirement life.

Create a Rewarding Legacy

Like Jane, you can establish a gift that provides benefits for your loved ones and expresses love for your Randolph College experience. To learn more about opportunities that meet your needs and support the College’s future, contact The Planned Giving Office at 434-485-8050 or plannedgiving@randolphcollege.edu.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

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A charitable bequest is one or two sentences in your will or living trust that leave to Randolph College 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

 Bequest Language

"I give, devise, and bequeath to the Trustees of Randolph College (founded as Randolph-Macon Woman's College in 1891), a corporation located in Lynchburg, Virginia (the College), the sum of $_____ dollars [or property, securities, etc.], to be used for [describe the purpose in as broad and simple terms as possible], or in the event that such use shall in the judgment of the Board of Trustees of the College become impracticable, said trustees may use the bequest for other purposes as nearly akin to the original purpose as they judge will help advance the aims of the College."

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 the College 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 the College as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 the College 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 the College where you agree to make a gift to the College 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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