Ways to Give
Planned Giving
Gifts That Create a Lasting Legacy
Remembering SUNYIT in Your Estate Plans
Did you realize that you can make a lasting impact at SUNYIT through a variety of estate plan gifts?
Often referred to as "planned gifts," these opportunities allow you to create a lasting legacy representing your lifelong values and aspirations while planning for your own future as well as that of your loved ones. How is this possible? By reviewing the various gift planning options with us and your financial advisor, we can find the estate plan gift that meets your immediate and future financial needs. We can also create an opportunity for you to influence the lives of students for generations to come. Whether you want to make a gift that that is revocable during your lifetime, or an irrevocable gift that gives you guaranteed income for life, this website is designed to introduce you to the various choices and potential tax benefits of each option.
Joining the 1966 Legacy Society
We invite you to help SUNYIT continue its mission for the next generation of SUNYIT alumni and friends by joining the 1966 Legacy Society. Named for the founding and heritage of SUNYIT, this special group of individuals recognizes and thanks the growing number of alumni and friends who are supporting SUNYIT in their estate plans.
Criteria for Membership
When you establish any one of the following estate plan gifts and inform us of your intentions, you will qualify for membership in our legacy society.
Types of Gifts
- Name SUNYIT in your will or living trust
- Make a tax-free distribution from your IRA to SUNYIT.
- Designate SUNYIT as a beneficiary of your IRA or Pension Plan
- Establish a planned gift that provides lifetime income to you and/or your spouse
- Gift ownership of a Life Insurance Policy
- Create a Permanent Endowment Fund
Sample Bequest Language
"I hereby give, devise and bequeath to SUNY Institute of Technology Foundation at Utica/Rome, Inc., located in Utica, NY, [$_____ specific dollar amount or _____ percent of my residuary estate], [to be used for______________________ purpose/to establish ______________________ endowment fund]."
SUNYIT is a 501(c)(3) nonprofit institution recognized by the IRS as a public charity. For more information about joining SUNYIT legacy society and/or remembering SUNYIT in your estate plans, please contact us at foundation@sunyit.edu
Types of Planned Gifts
SUNYIT in your will or living trust – Including SUNYIT 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, SUNYIT recognizes and honors 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.
Tax Benefits:
- All bequests to SUNYIT are excluded from federal and state estate taxes.
Make a tax-free distribution from your IRA to SUNYIT –
As part of the Fiscal Cliff compromise, Congress reenacted the IRA Giving Law. This important charitable legislation allows donors age 70 ½ and older to make direct gifts from their IRA accounts for up to $100,000 a year without incurring any taxable income tax. Since this law was passed after the close of the year, Congress is allowing donors to give directly from their IRA accounts for 2012 up until February 1, 2013. You will also be able to make an IRA gift for 2013 through the remainder of the year, which can be used lieu of your 2013 annual required minimum distributions, saving additional tax dollars. For more information on the IRA Charitable Rollover provision and to receive an alert when the law is enacted, please contact foundation@sunyit.edu for more information.
Tax Benefits:
- While you do not receive a charitable income tax deduction for a direct IRA transfer gift, you avoid all income tax on these funds that were slated by the IRS to be taxed as ordinary income during your life or upon your passing.
- In years when there are Required Minimum Distributions (“RMD”) for IRAs, direct IRA transfers to SUNYIT also qualify for your RMD, saving you on income taxes that might be been owed for RMD withdrawals.
- Up until the passing of this legislation, many individuals faced both income tax on their IRA funds and estate taxes, a double taxation which could erode up to 80% of the principal of your IRA under certain circumstances.
Designate SUNYIT as a beneficiary of your IRA or Pension Plan – By naming SUNYIT as a beneficiary of your IRA, pension plan or other retirement assets, you are creating a revocable commitment to SUNYIT. 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 SUNYIT 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 SUNYIT of your intentions gives us the opportunity to thank you for your foresight and generosity while encouraging others to give.
Tax Benefits:
- All IRA, Pension Plan and retirement assets designated to SUNYIT are not subject to probate proceedings and are excluded from federal and state estate taxes.
- All IRA, Pension Plan and retirement assets designated to SUNYIT are also not subject to income tax after your passing unlike assets designated to non-charitable beneficiaries.
Establish a planned gift that provides lifetime income to you and/or your spouse – There are various forms of planned gifts that allow SUNYIT 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 – A charitable gift annuity is a contract between you and SUNYIT whereby we agree 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%.
Charitable Remainder Trusts – There are various forms of charitable remainder trusts that can be established to benefit SUNYIT. 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.
Tax Benefits:
- Both charitable gift annuities and charitable remainder trusts entitle you to a charitable income tax deduction for a portion of your gift, avoidance of capital gains when funding the gift with appreciated securities, and removal of assets from your taxable estate.
- To receive an illustration of the specific benefits you may receive from establishing a life income gift, please contact us at foundation@sunyit.edu.
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 SUNYIT if your family no longer needs the insurance. Alternatively, a new insurance policy can be purchased naming SUNYIT as the owner if the donor pledges to make annual gifts to cover the premium payments. We will work with you and your financial advisor to determine the best policy to use for this purpose.
Tax Benefits:
- A transfer of ownership of an existing insurance policy entitles the donor to a charitable deduction for the fair market value of the policy at the time of the transfer. For newly established insurance policies owned by SUNYIT where the donor agrees to make annual gifts to cover the policy premiums, the donor will be entitled to a charitable income tax deduction for all funds donated for this purpose.
Create a Permanent Endowment Fund – SUNYIT maintains 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 SUNYIT, please contact us at foundation@sunyit.edu.