Gift Planning

With a little planning, you can have a great impact on the University of Chicago Medicine and the Division of the Biological Sciences and support both your personal and philanthropic objectives. Advantages can include increased tax benefits or a current or future income stream.

To speak to a member of our staff about gift planning options, please contact the Medicine Development office at 773.702.6565.

Making a Bequest
The value of your bequest to the University of Chicago is fully deductible for tax purposes. You may also make a bequest that produces income for your beneficiary while reducing your taxable estate. A bequest, whether outright or to fund a planned gift, can be a useful and advantageous addition to your estate plan.

If you have provided for the University of Chicago in your estate plans but have not previously notified us of your intentions, please contact the Medicine Development office at 773.702.6565. Sharing your plans allows us to express our gratitude, ensures that your wishes are fully understood, and assists the University’s long-term planning.

Read more about making a bequest.

Life Income Gifts
These gifts allow you to retain an income from the assets used to fund your gift, for yourself or a beneficiary. There are many types of life income gifts, including charitable gift annuities and charitable remainder trusts.

Read more about life income gifts.

Charitable Gift Annuity
A charitable gift annuity is a contract between you and the University of Chicago. In exchange for your irrevocable gift of cash or securities, the University agrees to pay you a fixed income each year for your lifetime (or, in the case of a joint annuity, for your life and that of another annuitant, such as your spouse).

Read more about charitable gift annuities.

Charitable Remainder Trusts
A charitable remainder trust may be established by transferring cash or securities in trust to the University of Chicago. If you select the University as trustee, it manages the trust for you and/or other designated income beneficiaries. The trust provides you with an annual income amount that is at least 5 percent of the fair market value of the trust assets. These payments continue for your life and the lives of any other beneficiaries.

Read more about charitable remainder trusts.

Charitable Lead Trusts
A charitable lead trust allows a donor to make a significant gift to the University of Chicago, minimize his/her taxable estate, and pass assets on to non-charitable beneficiaries, such as children. A charitable lead trust works by first using the assets contributed to the trust to make annual payments to the University for a term of years (usually 10 to 20). At the end of the term, the assets remaining in the trust pass to the non-charitable beneficiaries, without passing through the donor’s estate.

Read more about charitable lead trusts.

Gifts of Real Estate
A gift of real estate can enable you to enjoy a charitable deduction based on the current fair market value of your property and reduce the size and complexity of your estate. Because a gift of real estate will usually be sold as soon as practicable after it is gifted, the real estate must be free of debt and must be readily marketable. An added benefit is that in most cases, all aspects of its sale are handled by the University.

Read more about gifts of real estate.

Gifts of Retirement Plan Assets
Many Americans hold a significant percentage of their wealth in their retirement plan accounts, such as a 401(k) plan or IRA. The assets in these accounts grow tax-free over time but have significant built-in tax liability. Accordingly, a large percentage of the assets in the accounts will be lost to tax if the account is left to someone other than a spouse upon the account owner’s death; however, using these assets for charitable gifts at death can be advantageous for tax purposes.

Read more about gifts of retirement plan assets.

The Phoenix Society
The Phoenix Society recognizes donors who support the University through an estate commitment or life-income arrangement. Members of the Phoenix Society receive a special memento, enjoy complimentary admission to University Harper Lectures, and are invited to exclusive University events, both on campus and in cities around the country. We are also proud to recognize our members in an annual Honor Roll (unless anonymity is requested).

Read more about the Phoenix Society.

Please note: Information found on this page is intended to provide general information and is not intended as legal advice nor should be relied upon as such.


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