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Planned Giving Program: Gift Annuities

A Charitable Gift Annuity is:

• a simple contractual arrangement between you (the donor) and the Upstate Medical University Foundation.*
• established with a minimum irrevocable gift of $10,000 in the form of cash or appreciated securities.
• a way to provide income for your lifetime and/or for the lifetime of a spouse, a parent or another person if you choose, over the age of 50 at a fixed dollar amount. Annuity payments can be quarterly, semi-annually or annually.
• normally structured to begin to pay in the year in which the annuity agreement is established. However, you can also establish a ‘deferred’ gift annuity, which would begin payments at some future date, such as a retirement date.
• secured by the assets of the Upstate Medical University Foundation and managed for the Foundation by KeyCorp Private Bank.
• a way to receive an immediate income tax charitable deduction and, if the gift is made with appreciated securities, a capital gains tax savings as well. Each year, a portion of the annuity payment will be treated as taxable ordinary income while the balance, depending on the amount of the gift and the age(s) and life expectancy and the annuitant(s), could constitute a tax free return of your investment.
• an opportunity to receive a lifetime income, a portion of which may be tax free, thereby increasing the overall rate of return to you. The payment rate is determined by the ages of the annuity recipients. The older the annuitant, the higher rate of the annual annuity. The rates for a two-life gift annuity are slightly lower due to the extended life expectancy. The Upstate Medical University Foundation follows the rates established by the American Council on Gift Annuities.
  
  And most importantly, a Charitable Gift Annuity is:
• a gift to Upstate Medical University Foundation upon the death of the last person receiving the annuity income that will be used for the purposes you have specified.

The Upstate Medical University Foundation urges you to consult your attorney or financial advisor when developing a Charitable Gift Annuity or other planned gift to ensure that you and your family receive the most advantageous financial and tax benefits. A listing of attorneys and financial advisors who specialize in estate planning can be provided upon request.

* The official name of the Foundation is the Health Science Center Foundation at Syracuse, Inc.