Ashlea Schad
Ashlea Schad
Assistant Vice President for Advancement
(315) 223-2552
Planning Your Gift
Giving that reflects your values now... and for the future.
The 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.
Planned Giving Options Include:
Without supporters like you, none of our work is possible. Follow your impact with Utica University and learn more about how to partner with us to drive innovation and achievement, equity and inclusiveness, and institutional strength and competitiveness for our students.
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. Gifts by will or living trusts for the benefit of Utica University may be for a set dollar amount, a percentage of the total estate, or the residual amount (funds leftover after all expenses have been paid).
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
- Class of '54 Alums Paying it Forward for Future Generations: Joan Brannick '54
- Powerful Medicine: Henry Spring '73
- Life Changing Support: Kim Landon ’75
- Legendary Fans: Honoring Wesley ’80 and Wester Miga ’76
- Paying it Forward: Ken Taubes ’80
- Honoring Her Husband's Memory with Planned Giving: Sharon McEwan ’64
- A Gift from the Heart: Benay Leff ’65
- Getting a Good Return: Ron '61 and May Duff '60
Bart Basi ’62 offers his perspective on the many considerations of planning your estate. * **
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.
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