The Many Ways to Make a Planned Gift

Gifts Through Your Will

Many people support the Graduate Center through bequests in their wills, which can be accomplished by amending a current will or by writing a new one. Examples of widely used bequests:

  • A General Bequest designates a particular beneficiary to receive a specified sum or fixed percentage of an estate

  • A Residuary Bequest designates a particular beneficiary to receive a specified sum or a fixed percentage of the assets remaining after all debts, expense, taxes and specific bequests are paid.

  • A Contingent Bequest designates one of more beneficiaries who will receive a legacy only if, for example, in the case of the death of a primary beneficiary.

 

Gifts of Retirement Assets

Retirement assets are often your greatest resource so this is another popular way to make a gift. You may name the Graduate Center as the beneficiary of part or all of your IRA, or retirement plan, with the additional benefit of bypassing income and estate taxes. IRA owners over age 70 ½ may each year also transfer any amount up to $100,000 directly to the Graduate Center Foundation. This rollover counts toward the required minimum distribution, is tax free, and not included in adjusted gross income.

 

Gifts that Provide Income

With a minimum gift of $10,000 in cash or stock, you may establish a gift annuity with the Graduate Center. You will receive an immediate tax deduction and annual payments for life for you, for you and another, or for someone else; a portion of each payment is tax free. Rates are based on the age of the beneficiaries and you may start payments immediately or arrange for the payments to be deferred and at a higher rate.
 
Other gifts that provide income are the charitable remainder trust and the unitrust.

 

Gifts of Other Assets

No longer needed life insurance, either by transferring ownership or by naming the Graduate Center as the beneficiary.
 
Gifts of real estate include the retained life estate which allows you to donate property and continue to live in it during your lifetime.
 
Other assets that are gifted include gifts of art, rare books, copyrights, royalties, and patents.
 
 
All planned gifts should be discussed with your attorney, accountant, or other financial advisor to maximize the benefits to you. The Graduate Center Foundation can answer questions and help you meet your philanthropic objective.
 
For further information contact Miriam Capua, at the Graduate Center Office of Advancement: phone 212.817.7134 or mcapua@gc.cuny.edu