Bequests

Anyone can make a bequest to Medaille University through a will or trust. You may support areas important to you at the University or provide an unrestricted gift that will be applied to Medaille’s most urgent needs.

Bequests may be given as:

• A percentage of an estate
• A specific dollar amount
• A gift of personal property (e.g., real estate or artwork)

When you make a bequest, you are making a gift that costs nothing during your lifetime.

A bequest is simple language you place in your will that states a specific amount, or percentage of your estate, to be left to Medaille after your obligations are met. Just a few sentences in your will or trust are all that is needed to ensure future students can receive an outstanding education that challenges and supports their educational goals.

Even if you have an existing will, you can add an amendment, or codicil, at any time. Since a codicil doesn’t replace the original will, it can be an inexpensive and simple way to make a bequest to Medaille University. If you don’t have a will, we encourage you to consider writing one that clearly states your intentions and provides security for your family, other loved ones and charities that you support during your lifetime.

A bequest:

• Is easy to arrange
• Will not alter your current lifestyle in any way
• Can be easily modified to address your changing needs

Sample Bequest Language

You may wish to use the following language when establishing a legacy gift to Medaille University:

Unrestricted Gift
I give and bequeath to Medaille University of Buffalo, New York, the sum of $___ (or, ___% of my residuary estate), for such purposes as the Trustees of Medaille shall determine to be in the best interests of the University.

Restricted Gift
I give and bequeath to Medaille University of Buffalo, New York, the sum of $___ (or, ___% of my residuary estate), to be used for [state the specific purpose, program, or fund].

Retirement and Life Insurance Beneficiary Designations

You can easily name Medaille University as a beneficiary of a life insurance policy or retirement plan, such as an IRA, 401(k) or 403(b).

Simply complete a beneficiary designation form with your insurance policy provider or with the administrator of your retirement plan. Both can be done at no cost.

Medaille University can be designated as a partial (1–99 percent), whole, or contingent beneficiary, and Medaille’s tax-exempt status enables your assets to pass to the University tax-free.

Like a bequest, a beneficiary designation enables you to:

• Make a significant contribution to Medaille University without drawing on current assets
• Remove assets from your estate and reduce tax liability
• Help secure Medaille’s long term success, while managing your own financial future

How Charitable IRA Rollovers Work

Under recent federal legislation, you can use your Individual Retirement Account (IRA) to make a gift to your favorite charitable institutions, including Medaille University.

Individuals age 70½ and older can now instruct their IRA administrators to make a distribution directly to Medaille and exclude the amount of the gift from their gross income for federal tax purposes.

By making an IRA charitable rollover, you can:

• Satisfy your required minimum distribution
• Avoid federal and, in many cases, state income taxes
• Maximize your charitable gift — and create an immediate and tangible impact at Medaille

To be eligible:

• You must be 70 ½ years of age or older at time of distribution
• Total charitable gifts cannot exceed $100,000 per taxpayer each year
• Transfers from traditional and Roth IRAs must be made directly from the account administrator to Medaille University

To make a gift:

• Contact your IRA administrator to request that a charitable distribution be transferred to Medaille University
• Instruct your IRA administrator to indicate the donor’s name on the check and specify that the gift is an IRA charitable distribution (to ensure gifts are properly recognized and recorded)

Send your check to:
Medaille University
Office of Institutional Advancement 
18 Agassiz Circle
Buffalo, NY 14214

Gifts of Real Estate

Donors may give a gift of real estate to Medaille University and reap wide-ranging financial benefits while touching the lives of tomorrow’s students.

Those interested may want to consider these giving options:

• An outright gift that provides a charitable income tax deduction for the full market value and eliminates capital gains tax on any appreciation
• A retained life estate that offers a sizable income tax deduction while enabling you and your spouse to live in your home for life
• A charitable remainder trust funded with your property that offers a lifetime income stream and a significant charitable income tax deduction — and eliminates capital gains tax on any appreciation

Charitable Trusts

Charitable Lead Trusts

Charitable Remainder Trusts

Charitable Lead Trust

Your generous donation as a charitable lead trust offers many benefits. A charitable lead trust allows you to benefit from the tax savings of a charitable gift without giving up the assets that you’d like to benefit your family someday with a donation in the form of a charitable lead trust.

There are two ways that charitable lead trusts make payments to Medaille University:

• A charitable lead annuity trust pays a fixed amount each year to Medaille University. This option is more attractive when interest rates are low.
• A charitable lead unitrust pays a variable amount each year based on the value of the assets in the trust. With a unitrust, if the trust’s assets go up in value, for example, the payments to Medaille University also increase.

You may fund your donation with:

• Cash
• Appreciated securities
• Closely-held stock
• Real estate

Charitable Remainder Trust

A charitable remainder trust is a way for you to maintain your comfortable estate while continuing to receive reliable payments. At the end of the trust term, the balance in the trust is used to support Medaille University as you specify.

These types of gifts may offer you tax benefits and the option for income. There are two ways to receive payments and each has its benefits:

• The charitable remainder annuity trust pays you, each year, the same dollar amount you choose at the start. Your payments stay the same, regardless of fluctuations in trust investments.
• The charitable remainder unitrust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. The amount of your payments is redetermined annually. If the value of the trust increases, so do your payments. If the value decreases, however, so will your payments.

You can fund your donation with:

• Cash
• Appreciated securities
• Closely-held stock
• Real estate
• Retirement plan assets
• Tangible personal property
   

Planned Giving Frequently Asked Questions

What is the Sister Alice Huber Society?

All alumni and friends who make a planned gift to Medaille University are members of this prominent donor society — named after Sister Alice Huber. She had the vision and foresight to transition Mount St. Joseph Teachers College to become Medaille College. The College was named after Father Jean-Pierre Médaille, founder of the Sisters of St. Joseph.

As a member, you will receive special benefits from the University, including recognition in Medaille publications, updates on the latest campus news, and invitations to exclusive events.

What is Medaille University’s federal tax ID?

Medaille University’s federal tax ID is 16-0805158.

Why should I consider making a bequest or beneficiary designation to Medaille University?

Both types of legacy commitments enable you to support Medaille University without impacting your current assets. By giving in this way, you may find that you can provide a greater gift than would otherwise be possible. These gifts are also fairly simple to make and often offer valuable tax benefits.

How do legacy gifts help me make an impact at Medaille University?

Legacy commitments provide the University with the fiscal strength and security required for continued growth. Your gifts ensure that future generations benefit from an ever-improving student experience that can transform their lives.

Can I designate my gift?

Absolutely. While you may provide an unrestricted gift that enables Medaille to address the University’s top priorities, you can also choose to support an area that has personal significance, such as a specific program or department.

Can a legacy gift be directed to a previously established endowed fund?

Yes. In fact, making a bequest or beneficiary designation to an endowed fund enables that enduring resource to keep better pace with the rising cost of education.