Planning Your Gift

Giving
Ways to Support Utica
Planning Your Gift

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

The Heritage Society

Heritage Society

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

One way to achieve this is by becoming a member of Utica's Heritage Society. The Heritage Society offers you a broad range of options for planned giving in support of Utica University’s mission, plus the potential for significant financial benefits and tax advantages.* It’s a great way to help secure the University’s future and protect your assets at the same time.

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

*Consult your tax advisor for details.

Help us honor your wishes

If you have already included Utica University in your estate plans, please let us know. Sharing your intentions helps ensure your wishes are carried out as you envision and allows us to thank you and welcome you into our Heritage Society, which honors donors who have included Utica University in their estate plans.

Planned Giving Options Include:

Bequests offer one of the simplest ways to make a gift to Utica University and create a personal legacy of a commitment to education and the institution.

When you make a bequest, you include a provision in your will or living trust naming the University as a beneficiary of a specific dollar amount, a percentage of your estate, or the remainder after other obligations are met.

Sample Bequest Language

See below for sample language for a bequest to Utica University. (Note: Your attorney can tailor this language to fit your estate plan.)

“I give and bequeath to Utica University, a nonprofit educational institution, the sum of $____ (or ___% of my estate, or the residue thereof) to be used for [general purposes or a specific program/scholarship].”

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 University by naming Utica University 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 University and is left to an educational charity.

A charitable gift annuity through Utica University can provide you or a loved one with a reliable and consistent stream of income for life, while also benefiting Utica University. 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.

A charitable remainder trust is a more sophisticated way to contribute to the future of Utica University 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 University.

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 University. 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 University.

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 University. A gift of a current policy may also enable the donor to turn a monthly premium into a tax free charitable gift.

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 University 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.

Why I Give: Alumni Stories

Below are a few helpful tips to guide you as you consider making a planned gift.

Review Your Estate Plan Regularly
Your life and priorities evolve over time—your estate plan should, too. Review your will or trust every few years or after major life events such as marriage, retirement, or the birth of a grandchild to ensure your plans reflect your current wishes.
Explore the Many Ways to Give
There are several ways you can include Utica University in your estate plan:
- Bequest in your will or trust – Leave a specific amount, a percentage of your estate, or the remainder after other gifts are distributed.
- Beneficiary designation – Name Utica University as a beneficiary of your retirement plan, life insurance policy, or donor-advised fund.
- Endowed fund – Create a lasting legacy by establishing an endowed scholarship or fund to support a program or area that is meaningful to you.
- Residual gift – Leave what remains after all other commitments are fulfilled.
- Other Options – Charitable gift annuities, charitable trusts, or gifts of real estate or securities may also be structured to benefit you and the University.
Use Utica’s Legal Name and Information
To ensure your gift is directed properly, please use our full legal name in your estate documents:

Legal Name: Utica University
Address: 1600 Burrstone Road, Utica, NY 13502
Federal Tax ID Number: 15-0532235
Consult Your Advisors
Your attorney, accountant, or financial advisor can help you determine the best way to structure your gift so that it meets your philanthropic goals while maximizing tax and financial benefits for you and your loved ones. If you need assistance, don't hesitate to reach out to us - we'll be glad to help.
Notify the University
If you have already included Utica University in your estate plans, please let us know. Sharing your intentions helps ensure your wishes are carried out as you envision—and allows us to thank you and welcome you into our Heritage Society, which honors donors who have included Utica University in their estate plans.
Sample Language for Your Will
You may use the following sample wording to include Utica University in your estate plan:

“I give, devise, and bequeath to Utica University, a nonprofit educational institution located in Utica, New York (Federal Tax ID: 15-0532235), the sum of $_____ [or ___% of my estate] to be used for its general purposes [or for the following purpose: ________].”
Make Your Gift Personal
You may choose to direct your gift to a particular scholarship, program, or department that reflects your interests or experiences at Utica. Our Advancement team can help you explore meaningful options that align with your vision.

More about Estate Planning

We're happy to offer some additional perspective on planning your estate, provided by Bart Basi ’62.* A Senior Advisor for the Center for Financial, Legal, and Tax Planning, Inc., Dr. Basi is considered a national expert on matters of financial planning and taxation, and lectures extensively throughout the United States. After earning his B.S. in Accounting from Utica University in 1962, he went on to earn an M.B.A. from Syracuse University in 1963, a J.D. from the University of Louisville Law School in 1969, and a D.B.A. from Indiana University in 1971.

* The information contained herein is not intended to be an endorsement or promotion of Mr. Basi’s services, and do not represent official advice from Utica University. Utica University does not offer legal, financial, or tax advice to its alumni, parents, and friends. Individuals should always consult qualified licensed professionals when planning their estate.