Deep Roots Spring 2014 by Woodberry Forest School

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Deep roots Investing in Woodberry’s future and your own Spring 2014

Proud to Support Woodberry Forest Planned Giving Officer Returns to His Roots

hen William Browning ’82 returned to Woodberry Forest last fall as the school’s planned giving officer, he felt a little guilty. “I hadn’t been as involved with Woodberry over the years as I could have been,” he admits, “and I hadn’t been the most generous donor.” He and his wife, Barbara, have wasted no time getting up to speed, quickly becoming active in on-campus activities and a presence at events, on campus and beyond. “At one faculty meeting,” he says, “I was moved by how much faculty members care about each boy and look for ways to benefit any who need a boost.”

Barbara has also jumped right in, acting alongside student thespians in the school’s recent production of Fuddy Meers. What has William learned from his rapid re-immersion into life at Woodberry? “The mission remains unchanged. The education program is advanced and the faculty and campus are very impressive. Woodberry continues to offer an excellent education with a focus on character development, leadership, and honor.” William, known as “Yogi” during his student days, brings to Woodberry significant experience in public service and nonprofit management. A Culpeper, Virginia, native, he followed his father,

William Browning ’82 is welcomed into the Walker Society by Travis Tysinger ’62.

Charlie Browning ’46, and his uncle, Preston Browning ’47, to Woodberry. Since completing his undergraduate education at the University of North Carolina at Chapel Hill and earning a law degree from Washington & Lee University, he has worked as an assistant public defender, director of constituent affairs in Virginia’s Office of the Governor, and in a variety of leadership and fundraising roles for the Woodrow Wilson Presidential Library in Staunton, Virginia. Most recently, he has been of counsel to a Virginia law firm that represents individuals and employers seeking to obtain legal permanent residency for themselves or their employees. Continued on Page 3 PAGE one

Unable to Donate Today? Should You Consider an Estate Gift? If you answer yes to any of the following questions, a gift in your will or trust may be right for you. • Do you want to make a donation that doesn’t affect your current cash flow? • Do you want to help ensure a strong future for Woodberry? • Is long-term planning more important to you than an immediate income tax deduction?

We Have an Option Where You Don’t Have To

ave you been putting off donating to Woodberry until you are more comfortable and secure in your finances? While that day is in sight for some, others are left wondering if it will ever come. Whichever category you find yourself in, you will be pleased to know there are ways to give — such as through your will or revocable living trust — that allow you to support the future of Woodberry without giving up assets today. Those who include Woodberry in these and other forms of planned giving become members of the Walker Society. Sound a little too complicated? Adding a gift to your will or trust

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is actually quite easy. Simply ask your attorney to draft a codicil or an amendment to the existing document. A codicil is a legal document written by your estate planning attorney that changes specific provisions in your will but leaves all other provisions unchanged. An amendment can change provisions in your living trust. If you don’t have a will or trust, you will want your attorney to craft a new document that includes your gift. Your gift doesn’t have to be a specific amount. A popular option is to donate a percentage of your estate instead. You may be surprised to find that even one percent can make a big difference to Woodberry.

Return the enclosed survey to request sample language you can share with your attorney to complete a gift in your will or trust.

© Woodberry Forest School and The Stelter Company — The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.

Which Gift Is Right for You? Identify Your Goals to Uncover the Ideal Donation Option

here are a number of ways to amplify your impact at Woodberry. Planned gifts to Woodberry offer advantages to you, while benefiting the school. Those who include Woodberry in their estate plans become members of the Walker Society. To find the gift vehicle that is right for you, rank these benefits in order of importance to you: ___ Retain flexibility ___ Receive an income tax deduction and eliminate capital gains taxes ___ Ensure the future of Woodberry ___ Provide for heirs Now see which type of gift matches your priorities. To retain flexibility, consider a gift to Woodberry in your will or trust. This gift will not go into effect until after your lifetime; therefore, you are free to change your mind at any time to adapt to unforeseen circumstances. To receive an income tax deduction and eliminate capital gains taxes, make a gift of appreciated assets that you have owned for more than one year. Your tax deduction will be for the full fair market value of the donated property up to thirty percent of your adjusted gross income, and you will be exempt from paying capital gains taxes on any increase in value. We will sell the asset and use the proceeds to support our students and programs. To ensure the future of Woodberry, create a named endowment. You make a gift, we carefully invest the money, and then a portion of the earnings is released each year to support our students. The rest of the endowment remains invested to create a lasting legacy. To provide for your heirs, make sure their inheritances don’t carry an unnecessary tax burden. Distributions from qualified pensions and retirement plans, for example, are subject to income taxes at the beneficiary’s ordinary income tax rate. Instead, consider leaving less tax-burdened assets, such as real estate and life insurance, to your loved ones and naming Woodberry as beneficiary of pensions and retirement plans. We are eligible to receive the full amount of these assets and bypass any federal taxes.

Proud to Support Woodberry Forest Continued from Page 1

Offering a Way to Connect At Woodberry, William travels extensively, connecting with alumni and friends and helping them structure philanthropic gifts, which they can direct to Woodberry outright or at death as part of their financial or estate planning process. He’s embraced his responsibilities, welcoming guidance from Development Director Catherine Wharton, national estate planning expert Howard Zaritsky, and Woodberry Trustee Joe Grills, as well as Travis “Ty” Tysinger ’62, his predecessor at Woodberry. “Planned giving offers every friend of Woodberry an additional or alternative way to support the school,” William says. “Regular donors can incorporate an extra gift into their estate plans, and those who haven’t been able to give what they’d like to can set something up that will benefit Woodberry down the road without affecting their current cash flow.” William has taken his new duties and his allegiance to Woodberry to heart. Shortly after setting up his Walker Building office, he and Barbara met with school attorney V.R. “Shack” Shackelford ’64 — the latest in a long line of V.R. Shackelfords who have served the school in this role over the past eighty-eight years — to make arrangements to include Woodberry in their will. A few days later, Ty Tysinger visited campus to welcome William into the ranks of the Walker Society, the recognition group for donors who have included Woodberry in their wills, by presenting him with the society’s distinctive lapel pin. Since then, William has taken his act on the road. “On my first multi-night visit to deliver pins to new members, I was pleased to be able to say that I, too, am a proud Walker Society member and a supporter of Woodberry Forest School.”

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What You Can Do Today Return the enclosed survey to request the FREE guide What to Do in the First 48 Hours When You Lose a Loved One.

Visit www.woodberry.org to learn more about our mission and how you can help.

Your First Will Q&A Making It Is Never Too Early to Create This Vital Document

osing you will be hard enough on your family. Spare your loved ones unnecessary confusion and financial and legal burdens by planning your estate now. In addition, you can benefit Woodberry and become a member of the Walker Society. Here are some common questions and answers to help you get started. Is it in my best interest to have an attorney draw up my will? Yes. Even though it’s not required by law, it is to your advantage to employ an attorney who specializes in estate planning rather than attempting to do it yourself.

Did you know? You can remember Woodberry in your will or trust by simply adding a few lines to your document. Return the enclosed survey to request official language to share with your attorney.

Do I need to know what I want the attorney to put in my will before we meet? No. Your attorney will explain the estate planning process, the impact of taxes, and how probate works in your state. He or she will also answer other questions you may have and assist you in identifying your estate planning priorities and objectives. It will help, however, if you think about the important people and charities you want to include. What documents should I bring with me to the attorney’s office? Prepare a list of all your assets and liabilities, indicating how they are titled and the approximate value of each. Include any jewelry, antiques, and personal or household items of significant worth or sentimental value. In addition, provide the face amounts of life insurance policies and amounts in retirement plans and corresponding beneficiary designations. How much do attorneys charge for a will? Attorneys can either charge a flat fee or bill on an hourly basis. Many offer a free or low-cost initial consultation. Keep in mind that whatever you spend now will cost you little compared to the taxes your estate could otherwise incur. The peace of mind that a professionally drafted document offers will be invaluable.

William Browning, Planned Giving Officer Woodberry Forest School • Woodberry Forest, VA 22989 (540) 672-6058 • Fax: (540) 672-6018 • william.browning@woodberry.org