At the age of 10, Evangelos “Angel” Levas began working at his family’s business—the Coney Island Restaurant. After graduating from the University of Kentucky with a business degree, Angel and his brother, John, transformed the restaurant into Levas Restaurant, a well-known steak house in Lexington, Kentucky.
Throughout his life, Angel gave to nonprofits and educational organizations, a trait that his parents modeled for him. His father frequently told stories about the difficulties he and his mother encountered when they first arrived in America from Greece as a young, married couple just before the Great Depression.
“We are here because of someone else. Help when you can,” was the mantra his father often repeated.
Angel passed away on November 3, 2022, at the age of 91—but his UK legacy continues to this day. Among his gifts, Angel established a charitable gift annuity (CGA) which now supports scholarships in the College of Medicine.
“At the UK College of Medicine, we are eternally grateful for individuals like Angel who understand the importance of our mission to educate the next generation of physicians and scientists” said Charles H. “Chipper” Griffith III, M.D., acting dean.
“The rise of tuition rates has created additional obstacles for many of our students,” he continued. “It is because of the generous investment in scholarships that we are able to support students and help them achieve their dream of serving and healing patients to improve the health of the Commonwealth and beyond.”
A CGA is an excellent way for you to support UK and receive dependable income in your retirement years. You can also qualify for a variety of tax benefits depending on how you fund your gift.
And now, you can fund your gift using IRA assets. If you are 70½ and older, you can make a one-time election of up to $50,000 in a single year to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and, when you reach the age of 73, can count toward all or part of your required minimum distributions.
Like Angel, you can further UK’s work to improve people's lives through excellence in education, research, creative work, service and health care. Contact our Gift & Estate Planning office to learn more.