Gifts by Will
Through various types of bequests to NYU Langone, you may secure a charitable estate-tax deduction for the value of the gift. Best of all, you will know that your generosity will support our mission for years to come.
You may prefer to state in your will or trust a sum of money or a percentage of your estate that you wish to give to NYU Langone.
Whatever form of bequest you choose, it is not subject to federal estate taxes and so significantly reduces the tax burden of an estate. The value of the bequest may be deducted when the taxable estate is determined, and there is no limit to the deduction.
Regardless of your age or your financial circumstances, there is no better time than the present to plan for the disposition of your assets through the means of a will prepared by your attorney. A carefully thought-out will can minimize the impact of estate taxes and provide more funds for your family, as well as an enduring expression of your charitable wishes.
Where Should I Start?
You should first make a list of all your property and its approximate value. Then you need to decide to whom you want to leave your property and in what manner. The attorney who prepares your will might suggest that some part of your property be left in a trust: your will, for example, could create a trust to provide income to your spouse for his or her lifetime, with the property then to go to your children. Trusts of this nature can often be used to save estate taxes. Your attorney can advise you about such tax savings and can also show you how a gift made under your will to a charity such as NYU Langone Medical Center saves taxes.
Who Should Be My Executor?
The executor named in your will has the responsibility of carrying out its directions. You can name a spouse, relative, or friend. Many people prefer to name a bank or trust company that is experienced in handling estates and managing the investment and distribution of property. One advantage of a bank is its permanence—an individual could predecease you.
What Does a Will Cost?
For a simple will, most lawyers would likely charge about $500. The cost normally will increase as the complexity of the document increases, but the professional involvement is well worth it: A will must meet the legal requirements of your state. If it does not, it could be invalid.
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Disclaimer: The information provided is general in nature and may not apply to all individuals. This information does not constitute legal or tax advice. We urge you to consult with your personal tax, financial, and legal advisors concerning the specific consequences of making gifts to NYU Langone. We would be pleased to discuss, in confidence, ways in which you may support NYU Langone.