Types of Planned Gifts
Name a SUNY Campus in your will or living trust – Including a SUNY Campus Foundation in your will or living trust is the most common form of planned gift. To do this, you will need your attorney to draft a codicil (for a will) or amendment (for a living trust) or to write a new will or living trust. Wills and living trusts are revocable documents; nevertheless, SUNY Campuses recognize and honor anyone who informs us of their intentions. We strongly encourage you to inform us of your gift so that your commitment can be recognized and help encourage others.
Make a tax-free distribution from your IRA to a SUNY Campus Foundation – (EXPIRED AND WAITING REINSTATION BY CONGRESS) Up until December 31, 2009, Congress allowed donors age 70 ½ and older to make charitable contributions from IRAs (Individual Retirement Accounts) without incurring taxable income. The transfer must be made to a qualified charitable institution and can be as much as $100,000 each year. For gifts to a SUNY Campus Foundation, the transfer must be made directly from your IRA account to the SUNY Campus Foundation. This is a wonderful opportunity to save on taxes and make a lasting impact today.
Designate a SUNY Campus Foundation as a beneficiary of your IRA or Pension Plan – By naming a SUNY Campus Foundation as a beneficiary of your IRA, pension plan or other retirement assets, you are creating a revocable commitment to that SUNY Campus. This is a tax-wise form of giving, as funds designated in this manner are not subject to income tax after your passing. While estate taxes may or may not be a concern for you, all IRA, pension plan and pre-tax retirement assets are subject to income tax when distributed. That is, unless a non-profit institution like a SUNY Campus Foundation is named beneficiary of some or all of the funds. Changing a beneficiary designation requires obtaining the correct form from your plan administrator and filing the new beneficiary designation form properly. As with bequests, notifying your SUNY Campus of your intentions gives us the opportunity to thank you for your foresight and generosity while encouraging others to give.
Establish a planned gift that provides lifetime income to you and/or your spouse – There are various forms of planned gifts that allow SUNY supporters to transfer cash or appreciated securities in exchange for a guaranteed fixed or adjustable income stream. Such gifts may be for one or two lives or a term of years. One income beneficiary must be at least 60 years of age. Two forms of planned gifts that provide lifetime income are:
Charitable Gift Annuities – Minimum gift of $10,000. A charitable gift annuity is a contract between you a SUNY Campus Foundation whereby the Foundation agrees to make fixed annuity payments to you and/or a designated income beneficiary. The payment amount is based on your age(s) and rates range between 5% and 9.5%.
Charitable Remainder Trusts – Minimum gift of $100,000. There are various forms of charitable remainder trusts that can be established to benefit a SUNY Campus Foundation. These trusts may provide: 1) a fixed annuity income for one or two lives or a term of years, or 2) a variable income stream based on a fixed percentage of the trust’s assets valued as of January 1 each year. Payment rates for charitable remainder trusts depend upon your goals and IRS limitations.
Gift ownership of a Life Insurance Policy – Insurance policies which are already "paid up," meaning that there are no more premiums due, are ideal assets to gift to a SUNY Campus Foundation if your family no longer needs the insurance. Alternatively, a new insurance policy can be purchased naming a SUNY Campus Foundation as the owner if the donor pledges to make annual gifts to cover the premium payments. The Foundation will work with you and your financial advisor to determine the best policy to use for this purpose.
Create a Permanent Endowment Fund – SUNY Campuses maintain numerous permanent endowment funds. These are funds established by donors during life or through their estates whereby only the income is used for a specified purpose. Typically, endowment funds are established for named scholarships or a specific program. Depending upon your interests, we would be happy to work with you and/or your professional advisor to determine the best language for a fund to ensure that your intentions can be properly fulfilled.
For more information or to discuss establishing a permanent endowment fund at a SUNY Campus, please contact firstname.lastname@example.org.