Development and Alumni
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Making a Bequest to New York Medical College
Bequests allow you to leave money or property to the College and are accomplished through a written and executed will. Substantial gifts can be made without affecting your family's current financial security. Both the principal and the income of your estate are available to you during your lifetime. The amount and ultimate use of the funds may be designated and the tax savings on your estate are maximized.Your legacy
A bequest provides you, the donor, with great flexibility. 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 can also designate the purpose for your gift or provide that the College may determine its use, while retaining the ability to change your will during your lifetime.
What are some advantages of making charitable bequests?
• retain control of all assets during your lifetime
• reduce your estate tax liability
• estate tax charitable deduction
• direct your bequest to the College as a whole or to a specific area of study or program.
• Legacy Society membership
What are the best assets to use?
The federal government encourages charitable bequests because it allows an unlimited estate tax deduction for gifts to qualified charities. Certain assets such as IRAs, qualified pension plans, and savings bonds are subject to heavy taxation because their income has not been taxed during life. The estate or the heirs must pay the taxes. Therefore, these are usually the best assets to use for a charitable bequest. Cash or appreciated securities are more wisely used as gifts to family members.
What are some types of bequests?
Specific Bequests. With a specific bequest, you 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. You may designate who is to receive whatever remains in your estate after your other beneficiaries have received their portions of your estate.
Contingent Bequests. By making a contingent bequest, you 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. You can establish a testamentary charitable remainder trust through your will. 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?
You may provide for New York Medical College by making a new will, modifying your present will (by adding a codicil), or by including the College in your revocable trust. To bequeath money or property to the College, you and your lawyer may find the following language helpful. The Director of Planned Giving will be pleased to consult in confidence with you and your legal adviser about the phrasing of any specific bequest you may have in mind.
For an unrestricted bequest for general operating purposes: "I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, for its general operating purposes {...dollars} {...percent} {all the rest, residue, and remainder of my estate}."
A bequest for endowment: "I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, {money or property to be bequeathed} for the general endowment fund."
A bequest for a new endowment: "I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, {money or property to be bequeathed} for the endowment fund to be known as the {...Fund}, the income from which shall be for the unrestricted use {or alternately for the support of specific program or area of study} of New York Medical College. At the discretion of the board of trustees, if the then current minimum endowment level is not achieved, the bequest will be used in the general endowment."
A bequest for a specific use: "I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, {money or property to be bequeathed} for the support of specific program or area.
If a specific use is stated, the addition of the following language will make certain that the bequest always remains productive.
"If, in the judgment of the Trustees of New York Medical College, changed circumstances should at some future time render the designated use of this fund no longer appropriate, then the Trustees shall direct use of the fund to further the objects and purposes of New York Medical College, giving consideration to my special interest as evidenced by the purpose described above."
The above language can be modified in any manner your attorney sees fit. If you would feel comfortable doing so, we would appreciate having a copy of that portion of your will that pertains to New York Medical College.
Recognition
If you have included New York Medical College in your will, please let us know. You can become a member of the Legacy Society, the College's donor recognition program honoring those who have established a planned gift for the College. Members have the option of receiving a memento of appreciation, invitations to special events, and recognition through College and Planned Giving publications.
More information
To request brochures, specific gift examples, or other information, call 914-594-4550, send an email to the University Development Office at development@nymc.edu, or write to:
New York Medical College
University Development
Valhalla, NY 10595
We will work with you and/or your advisors to ensure that after your lifetime your gift benefits an area of the College that is important to you.
The New York Medical College Planned Giving pages are intended to provide general information, not legal or tax advice about specific situations or problems. Donors are encouraged to consult a lawyer or accountant for legal or tax matters.