Planned Giving
Giving Options
 



Planned Giving 


Giving that reflects your values now... and for the future. 


 
You want to make a real difference in people’s lives. But how can you ensure that your giving will have the greatest impact?

Charitable IRA Distributions

New tax relief law brings some new opportunities.

Find out more > 
One way to achieve this is through planned giving. Planned giving offers donors a broad range of options for supporting Utica College’s new dream and new era, plus the potential for significant financial benefits and tax advantages.* It’s a great way to help secure the College’s future and protect your assets at the same time.

We invite you to review below the planned giving options available at UC. Be sure to consult with your financial or tax adviser to determine which options might be right for you.

Planned giving options include:

Bequests

Bequests offer one of the simplest ways to make a gift to Utica College and create a personal legacy of a commitment to education and the institution. Gifts by will or living trusts for the benefit of Utica College may be for a set dollar amount, a percentage of the total estate, or the residual amount (funds leftover after all expenses have been paid).

Retirement Funds

Retirement plan assets (IRAs, 401(k), 403(b), etc.) offer another easy method for planned giving. The funds can be transferred at death to the College by naming Utica College as either the primary or contingent
beneficiary of the account. As these funds are not distributed until your passing, they are not subject to estate tax or income tax, thus the entire balance passes to Utica College and is left to an educational charity.

Charitable Gift Annuities

A charitable gift annuity through Utica College can provide you or a loved one with a reliable and consistent stream of income for life, while also
benefiting Utica College. Charitable gift annuities are easy to establish with gifts as low as $10,000, a portion of which may be deductible for income tax purposes. The amount of the annual payment is based on the age of the income beneficiaries at the time of the gift and the date when the payments begin. A portion of the resulting payment may also be tax free to the beneficiary. Annuity payments may begin immediately
or may be deferred for a period of time as part of your retirement planning.

Charitable Remainder Trusts

A charitable remainder trust is a more sophisticated way to contribute to the future of Utica College and increase your current income. Charitable trusts allow you to transfer cash, securities, real property, or other
assets into the trust. A unitrust provides a variable income based on a percentage of the value of the trust assets as determined each year. An annuity trust pays a fixed dollar amount each year to the income beneficiary. When either the unitrust or annuity trust terminates, the remaining assets in the trust are transferred to Utica College.

Charitable Lead Trusts

A donor transfers property to the lead trust, which pays a percentage of the value of the trust assets, usually for a term of years, to Utica College. At the end of the trust term, the remaining assets in the trust and any growth it has realized are passed to heirs. Although there is no income tax deduction when you create a charitable lead trust, your gift or estate tax is greatly discounted. It is one of the only transfer devices currently used that can discount the value of the original assets and result in little or no taxes. At the same time, you achieve your charitable goals for Utica College.

Life Insurance

With respect to life insurance, your needs change over time. The ownership and beneficiary designation of funded life insurance policies can be transferred to Utica College. A gift of a current policy may also enable the donor to turn a monthly premium into a tax free charitable gift.

Retained Life Estates

Receive a large deduction by donating a residence, vacation home, or farm while retaining the right to live there for life. The gift is made by transferring the ownership of the property to Utica College now while you are living, and you retain the right to use the property for life. The donor receives a current income tax deduction for the gift that can be used to reduce one’s current taxable income.

More Information
 
For details about planned giving options at Utica College, please contact the Office of Advancement at (315) 792-3219 or toll-free at (800) 456-8278. You can also use our e-response form.

* Note: Prospective donors considering some form of a charitable planned gift to Utica College should consult with their financial or tax adviser.



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