Peter B. Lewis, a Princeton alumnus and former trustee who built Progressive Corp. into one of the largest automobile insurance companies in the United States and who donated generously to the University and other causes, died at his home in Coconut Grove, Fla., of an apparent heart attack Saturday, Nov. 23.
News and Features
Having an IRA has long been touted as a smart retirement strategy. But while IRAs provide tax benefits during their owners’ lifetimes, they can become a tax liability when they are passed on as an inheritance. The solution? Use the funds to make a charitable gift. That’s what Mark Krosse ’72 is doing for Princeton.
Three alumni -- Huyler Held ’47, H. Dwight Neill ’54, and Mary Deibel *76 -- chose to leave a legacy to Princeton by including the University in their estate plans as the beneficiary of their IRAs. Their support honors their connection to the University while making the experiences that were so important in their lives available to others.
Donors who are age 70½ or older can make gifts of up to $100,000 to Princeton and other charities directly from their IRAs without including the withdrawal in their taxable income. This provision, available through December 31, 2013, was passed into law as part of the American Taxpayer Relief Act of 2012.