Andy Selfridge ’67 found meaning in a bequest to Gilmour

When reflecting on his years at Gilmour, Andy Selfridge '67 treasured the lifelong friendships he made during his four years on campus and praised a long list of faculty members who impacted him during his high school years.

Selfridge also felt that Gilmour provided him a great foundation - both academically and spiritually - and its reputation for preparing students was instrumental in his being awarded a football scholarship to the University of Virginia. After graduating from UVA, Selfridge played for six years in the NFL, before launching a career in fundraising in the UVA development office. In this role he would commonly ask alumni, "What would you like to accomplish with your money that would be meaningful to you?"

Andy asked himself that same question, and in gratitude for the role Gilmour played during his formative years, he made arrangements to include Gilmour in his estate planning. He explained, "This long-term planning gives me the best opportunity to give a significant gift to Gilmour. It allows me to make a larger impact at Gilmour than would be possible during my lifetime. Above and beyond all the emotional attachments to Gilmour that would provide incentive to give, the fact that Gilmour can be trusted to put my philanthropy to the best possible use only magnifies that incentive.''

When Andy passed away Gilmour was named as a beneficiary on his Roth IRA and as a beneficiary on his retirement accounts through UVA. His bequest to Gilmour serves to foster in current Gilmour students the same transformational experience he had as a student.

Your retirement plan is probably among your most valuable assets. While the retirement asset is a great asset for you, it may not be the best asset to leave to children. If you have a taxable estate, your IRA or 401(k) plan will be subject to the estate tax, and any distributions to children will also be subject to income tax. That is why many tax planners suggest leaving retirement plans to charity. This gift will produce an estate tax deduction and the charity will not have to pay the income tax on the gift.