Making a bequest to New York Medical College
A bequest is a very flexible planned giving tool that allows you to leave money or property to New York Medical College. You can leave a specific asset, a sum of money, a percentage of your estate or the remainder of your estate after you have provided for other beneficiaries. You may specify the purpose of your legacy, or you may allow the College to determine its use.
The federal government encourages charitable bequests because it allows an unlimited estate tax deduction for gifts to qualified charities. Substantial gifts can be made without affecting your family's current financial security while maximizing the tax savings on your estate. Both the principal and the income of your estate are available to you during your lifetime.
A bequest is created through a written and executed will that may be changed by you at any time. You may provide for New York Medical College by making a new will, by modifying your present will (by adding a codicil), or by including the College in a revocable trust.
What are some advantages of making a charitable bequest?
- You retain control of all assets during your lifetime.
- You may reduce your estate tax liability.
- You may direct your bequest to the College as a whole or to a specific area of interest.
- You become an honored member of New York Medical College’s Legacy Society.
- It is revocable at any time.
What are the best assets to use?
Certain assets - such as IRAs, qualified pension plans and savings bonds - may be subject to heavy estate taxes when left to your heirs because their income is not pre-taxed. Therefore, these are usually the best assets to use for a charitable bequest. Cash or appreciated securities are more wisely given as gifts to family members.
What are some types of bequests?
Specific Bequest - Enables you to designate who is to receive a specific dollar amount or specific property. Bequests can be in cash, securities, real estate or other personal property.
Residuary Bequest - Enables you to designate who is to receive whatever remains in your estate after your other beneficiaries have received their portions of your estate.
Contingent Bequests - Enables you to stipulate who will receive a portion of your estate if one or more of your named beneficiaries passes away before you or disclaims a share of your estate.
Testamentary Trust - Enables you to establish a testamentary charitable remainder trust. At the time of your death, the trust will use all or a portion of your estate to provide income payments to one or more beneficiaries you name. Upon the death of the last surviving beneficiary, the principal of the trust can be designated for the charity of your choice.
What language should I use?
For suggestions on language to use when leaving a bequest to New York Medical College in your will, click here.
For more information, please contact the Office of Development & Alumni Relations at firstname.lastname@example.org or call (914) 594-4550.
Note: This page is intended to provide you with general information, not legal or tax advice about specific situations or problems. We encourage you to consult a lawyer or accountant on all legal or tax matters.