• A charitable gift could bring a lifetime of benefits

    • You may enjoy a wide variety of tax savings and other benefits
    • You will have the satisfaction of helping UM fulfill its mission
    • You will leave a legacy at UM for generations to come
  • Charitable Gift Annuity

    By donating cash or stock, you can receive a fixed payment from UM for the rest of your lifetime and benefit the U.
    More

  • Gifts of Real Estate

    Donating appreciated real estate, such as a home, vacation property, undeveloped land, farmland, ranch or commercial property can make a great gift to the University of Miami.
    More

  • IRA Gifts

    If you are 70½ or older you may be interested in a planned gift that reduces the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can support UM while benefiting yourself. Or at any age, designating UM as a beneficiary of your IRA can be a great way to remove highly taxed assets from your estate.
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  • Bequests

    By designating the University of Miami as a beneficiary in your will, trust or beneficiary designation form, you’re ensuring the future of the University.
    More


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Wednesday September 19, 2018

Washington News

Washington Hotline

Protect Yourself from Hurricanes, Floods and Tornadoes

At publication time, Hurricane Florence is moving through North and South Carolina. Federal and state first responders are braving many risks to rescue trapped individuals. In addition to wind damage, there may be major floods, with up to 40 inches of rain in some parts of North and South Carolina.

In IR-2018-183, the IRS offers suggestions and guidelines to prepare for a potential natural disaster. There are several steps you may take to safeguard your key documents and high-value items.
  1. Key Documents List - Many Americans have a file at home containing important documents. You should create a list of these documents. Your key documents may include bank statements, financial and retirement records, deeds to property, titles to your vehicles, insurance policies and family records.
  2. Document Security - Some key documents may be maintained by custodians in secure data centers. Most banks and financial companies have secure data centers with multiple backups. Your personal documents should be in a safe place. If you are in a potential flood zone, you should consider using waterproof containers. You also may convert documents into an electronic file and store them on a flash drive, CD or DVD. There are services that permit storage on web servers in secure data centers, but you should consider the level of security for your selected service.
  3. High-Value Items - If you have art, jewelry, stamps, coins, antique furniture or valuable collections, it is important to keep good records. Most home insurance covers loss of personal items or damage. Some high-value items may be insured in separate policies. You will need to document your property with photos, video or other means and record the number, type and unique qualities of your personal property.

If you are in the area impacted by Hurricane Florence or another federally-declared disaster, the IRS disaster assistance line is available at 866-562-5227. An IRS specialist can help you obtain prior tax returns and forms. You will need to file IRS Form 4506, Request for Copy of Tax Return.

Editor's Note: Nearly all areas of the nation can experience a natural disaster. The West can have earthquakes and fires. The Midwest can experience tornadoes. In the Southeast, there are hurricanes. Some natural disasters may be unexpected. Several years ago, your editor was assisting a donor and his attorney from Las Vegas. Planning was delayed when a cloudburst caused a flood and the Las Vegas attorney's office was inundated. Everyone should be prepared for unexpected natural disasters.


Published September 14, 2018
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Previous Articles

Warning Signs of Data Theft

IRS Urges Strong Passwords

IRS Provides Natural Disaster Preparation Tips for Taxpayers

Large Tax Refund in 2017 - Check your Withholding

IRS Encourages Taxpayers to Check Their Withholding Amounts

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