Personal Giving Stories
Donor Takes Advantage of New Legislation Allowing Charitable Gifts from IRAs
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After earning two Michigan degrees and enjoying a successful 31-year career as an ophthalmologist, Thomas Varbedian (BS '52, MD '56) launched a second career as a tireless advocate for the University. Today, Dr. Varbedian draws on his fond Maize and Blue memories to inspire others to demonstrate their loyalty to Michigan—by supporting their alma mater.
Through his involvement with the U-M Medical Center Alumni Society and his interaction with medical students, Dr. Varbedian became enthused with the concept of scholarship support. He made his first scholarship gift in 2003.
Dr. Varbedian feels that philanthropy is not innate; rather it must be learned from family or others. He discovered his own philanthropic interests through his respect for his father-in-law and his generous support of Michigan and many other organizations. Former Dean of the Medical School, Dr. Allen Lichter's passion for scholarship support for medical students inspired Dr. Varbedian to begin directing his support to this important area.
Dr. Varbedian also believes that chance favors the prepared mind—one must be ready to give when an opportunity presents itself. So when the Pension Protection Act of 2006 became law last summer, Dr. Varbedian recognized the opportunity to apply its provisions to add to his scholarship fund.
This legislation allows individuals aged 70 ½ or older to make transfers of $100,000 per year directly from an Individual Retirement Account to qualified charities. Dr. Varbedian said he knew he would not need all of the assets that have accumulated in his IRA, and "leaving it in my estate for my children would be BAD because it'll be so highly taxed." In addition to income tax, retirement accounts may also be subject to estate tax. So the benefits of making a gift to the University under this new law appealed to him.
Dr. Varbedian takes great pleasure in interacting with "his" scholarship students. He is dedicated to teaching them what it means to be a University of Michigan Medical School alumnus. He said that he is also "secretly developing philanthropists for the future."
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