Elizabeth (left) and Larry Papel,
JD’80 (middle), pose with
Chris Guthrie (right), dean of
Vanderbilt Law School, at
Larry’s class reunion hosted
at the Papels’ home.
Hailing from the Northeast, Larry Papel, JD’80, embarked on his self-described “great southern adventure” when he decided to attend Vanderbilt Law School. His wife Elizabeth also has deep Vanderbilt family ties, and eventually their paths crossed in Nashville.
Supporting their community is a core value for the Papels, so giving back to Vanderbilt — a place that played a significant role in both their lives — was a natural decision. Reflecting on their choice to establish the Papel Family Scholarship, Larry shares, “It is financially challenging for most people to get through today’s professional schools without significant help. Annual scholarship grants, together with student loans and summer and school-year employment, got me through law school. That model no longer works for most students. For schools to attract the best students possible, they need more resources because almost nobody can pay full tuition anymore. Colleges and universities cannot do it alone. Donors’ establishment of endowed scholarship funds is essential.”
In the past year, the Papels became eligible to give through qualified charitable distributions (QCDs) from long-established individual retirement accounts (IRAs) and began using them to fund annual contributions to their Papel Family Scholarship. “Contributing through QCDs is a tax-efficient way to meet our annual pledge obligations and satisfy our mandatory IRA distribution requirements. It all just came together,” Larry says.
The scholarship is structured over five years to take advantage of the maximum annual distributions allowed from the supporting IRA. Larry adds, “If it works for you, this is a great way to make larger contributions from never-taxed funds than you might otherwise be able to make from your current income or assets.”
“Professional school affordability is a big worry for most students,” Elizabeth shares. “It’s incredibly rewarding to know that we’re supporting one or more law students who might not be at Vanderbilt but for our scholarship aid.”
“I think QCDs are just another tool in the toolbox for people who want to give,” Larry says. “We encourage others to consider it because it is one of the most efficient ways to give if your assets are structured in a way that makes it possible.”
— Addy Crosby
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