Personal Stories
Sharon Alter Garelick and E. Lee Garelick are members of the College class of 1956. The Garelicks took advantage of the opportunity to make a gift of $50,000 from their IRA in 2006. They instructed their fund manager to make a direct distribution to the University of Rochester and funded the Sharon and E. Lee Garelick Endowed Scholarship.
In Sharon’s senior year at the University, funds were tight and she was given a $200 scholarship that enabled her to complete her degree. The Garelicks were married soon after graduation, and over the years they recalled how important that $200 scholarship was to them. As they were starting their life together, and as their family and their business grew, they always remembered the University and gave back in appreciation.
“We wanted to do something special in honor of our 50th reunion, and the opportunity to give a gift from our IRA was perfect for us. There were no adverse tax consequences, and it was really very simple to complete.
“We know that if we had planned to pass the assets in our IRA to our children that estate taxes could substantially reduce the amount our kids would receive and they would have to pay income tax on the distribution. We realized that funds in our IRA were a better asset to give to the University, and the Pension Protection Act of 2006 came along at the right time. We look forward to learning about students who will receive our scholarship and wish them all the best in their studies and future lives.”
Sharon and Lee Garelick
