Texas Tech University graduates Beverly and Cecil Campbell had never considered supporting Texas A&M. But as Beverly thought about establishing a scholarship at Texas Tech with estate assets, Cecil discovered a new 2023 tax law that would allow her to use an IRA qualified charitable distribution (QCD) to fund a one-time charitable gift annuity (CGA). “I read about this law in the Wall Street Journal, and I’d never heard of it,” Cecil said. “But I liked that I could fund a CGA by taking money out of my IRA without having to pay taxes on it.”
While Beverly used her IRA QCD to fund a gift at Texas Tech, Cecil contacted the Texas A&M Foundation’s planned giving team and learned that he could direct the majority of his CGA to support an area he and Beverly hold dear: Mills County AgriLife Extension Agents.
“We both grew up in Mills County and were involved in 4-H,” Beverly explained. “I worked for more than 14 years training county agents, and Cecil has relied on livestock advice from the AgriLife Research Station in San Angelo, so we know future agents will be good stewards of this gift.” Cecil agreed and said he was pleased with his decision. “I’m really impressed with the Foundation’s team. It was a simple and efficient process, and I think it’s a win-win situation for everybody.”
Note: The Secure 2.0 Act took effect in 2023 and was reapproved in 2024, 2025 and 2026, allowing those 70.5 years and older to fund a one-time CGA of up to $55,000 using an IRA QCD. Donors can also fund a CGA with cash or securities, and payout rates remain high.
