Legacy giving options* at the Upstate Foundation
Gift in your will
You can create a legacy gift by simply remembering the Upstate Foundation in your will or estate plans. Remember to make certain that your executor, professional advisor and the Upstate Foundation are aware of your wishes so that questions can be answered now in order to avoid confusion later.
Retirement plans
Retirement plans are often the most attractive legacy giving option for donors because you can easily make a gift simply by filling out a beneficiary form designating the Upstate Foundation as your beneficiary or a partial beneficiary. Loved ones, as beneficiaries, may have to pay income taxes on the proceeds from your retirement plan. As a public charity, the Upstate Foundation will not.
Upstate Medical University employees who have retirement accounts may contact their representative regarding making a legacy gift to the Upstate Foundation. TIAA account holders could also reach out to Reanna Wenham at ReannaWenham@tiaa.org or 315-477-9034. Ms. Wenham serves on the Upstate Foundation’s Professional Advisory Council.
Gifts of stock
You can give a gift of stock directly to the Upstate Foundation and receive a tax deduction for the current market value. Additionally, if the stock is worth more than you paid for it, you will avoid the capital gains tax on the net appreciation.
Gift through your IRA
As of December 2022, federal legislation allows for anyone 70-1/2 or older with an IRA to make a qualified charitable distribution (QCD) up to $50,000 from an IRA to open an immediate charitable gift annuity. This can be a single- or two-life annuity with a spouse, creating guaranteed/fixed rate income for life. For a personalized charitable gift annuity illustration, please contact Carolyn Hendrickson at 315-464-6490, hendricc@upstate.edu or jump to Please Contact Me.
Real estate
You can transform a parcel of real estate into a legacy gift by transferring your property into a life income plan and receive an income for the rest of your life and/or the lives of loved ones. Provided that the property meets our gift acceptance policies, you can make an outright gift of real estate to the Upstate Foundation.
Life income plans
A charitable gift annuity is an agreement between you and the Upstate Foundation whereby you transfer cash or assets to the Upstate Foundation with the understanding that you and/or a loved one will receive fixed income payments for the rest of your lives. The amount never changes. There is a tax deduction for the charitable portion of the gift. Upon the death of the last annuitant, the remaining funds are used to create a legacy gift in your name.
As of December 2022, federal legislation allows for anyone 70-1/2 or older with an IRA to make a qualified charitable distribution (QCD) up to $50,000 from an IRA to open an immediate charitable gift annuity. This can be a single- or two-life annuity with a spouse, creating guaranteed/fixed rate income for life. For a personalized charitable gift annuity illustration, please contact Carolyn Hendrickson at 315-464-6490, hendricc@upstate.edu or jump to Please Contact Me..
*As always, you should consult your financial and personal advisors before making a legacy gift. You should contact, or your advisor should contact, the Upstate Foundation prior to making a gift decision in order to assure that your wishes are clearly understood. Our legal name is The Upstate Foundation.
Please contact the Upstate Foundation if you intend to include or already have included, Upstate in your estate plan. Call 315-464-4416 or complete the form below and our Director of Legacy Giving, Carolyn Hendrickson will give you a call.