Make a Bequest or Other Estate Gift

Your will is a meaningful way to make a lasting gift to Geneseo. Such a provision can be structured to fit your personal, family, and financial needs, and can be reviewed and revised in the future.
 

General bequest
One of the most popular ways to make a charitable gift through your will, a general bequest allows you to simply leave a specific dollar amount.

Example: I give $25,000 to The Geneseo Foundation, Inc., Geneseo, NY, to be used for its exempt purposes.
 

Residuary bequest
To give an organization all or a portion of an estate after debts, taxes, expenses and other bequests have been paid, a residuary bequest lets you provide specific amounts to family members or friends, and leave the remainder to Geneseo.

Example: I give the rest of the property I own at my death to The Geneseo Foundation, Inc., Geneseo, NY, to be used for its exempt purposes.
 

Percentage bequest
The most flexible way to give, the size of your percentage bequest automatically changes with the size of the estate.

Example: I give 20-percent of my estate to The Geneseo Foundation, Inc., Geneseo, NY, to be used for its exempt purposes.
 

Contingent bequest
A contingent bequest takes effect only if the primary intention cannot be met. 

Example: If (primary beneficiary) predeceases me or disclaims any interest in (description of property), I give such property to The Geneseo Foundation, Inc., Geneseo, NY, to be used for its exempt purposes.
 

Restricted bequest
Any type of bequest can restricted to a specific purpose.

Example: I give $50,000 to The Geneseo Foundation, Inc., Geneseo, NY, to create a named endowment to fund scholarships for deserving students.

Other Estate Gifts

Gift of Life Insurance
Through the Geneseo Foundation, Inc., Geneseo can become the beneficiary, or contingent beneficiary, of a life insurance policy. You retain lifetime ownership of the policy. Other options include transferring ownership to the Geneseo Foundation, or purchasing a new policy with the Foundation as owner and beneficiary.
 

Gifts of Retirement Assets
Retirement plan assets differ from most other assets you may own. Upon your death, these assets are subject to not only an estate tax, but also an income tax. This additional tax exposure makes your retirement plan assets significantly more expensive to transfer to non-spousal beneficiaries than real estate, stocks and certain other assets. However, retirement plan assets, including IRAs, 403(B) plans, 401(K) plans and other plans, represent one of the best assets for charitable giving.

Consider using retirement plan benefits to make a significant gift to Geneseo. Due to the tax treatment of these plan benefits, the cost of your gift to your estate and heirs is often relatively small.

Charitable Trusts

Charitable Remainder Trust
A charitable remainder trust is individually managed, allowing you to contribute to the Geneseo Foundation while retaining income for you and/or your designated beneficiary. A variety of assets, including cash, stock, and real estate can be used to establish a trust.

You receive an income tax charitable deduction based upon the value of the trust's remainder interest, and you do not have to recognize capital gain at the time the trust is created, if appreciated assets are transferred to the trust.
 

Charitable Lead Trust
With this gift plan, you place assets into a trust that will pay income to the Geneseo Foundation before the principal is passed to those whom you designate. Geneseo receives an agreed-upon percentage or dollar amount from the lead trust for your lifetime or a specified period of years. Upon completion of that period, the trust assets, including appreciation, are passed to those whom you have designated.
 

Gifts of Real Estate
A gift of property can be a tax-smart donation to the Geneseo Foundation, offering you income tax and estate tax savings, while freeing you from property management. We are happy to work with you to maximize gift potential.
 

The Robert W. MacVittie Society
The Robert W. MacVittie Society recognizes individuals who have the foresight and thoughtfulness to make bequests and other planned gifts to the Geneseo Foundation.  View the MacVittie Society's membership.

Questions?

Please contact Debra Hill, Assistant Vice President for College Advancement, at 585-245-5515 or hilld@geneseo.edu.