My Iona

Planned Giving

One of the best ways to support our students is by considering a planned gift to the College. Making a planned gift can be as simple as including Iona in your estate plans – a gift that costs you nothing right now and that could save you thousands of dollars in taxes later.

Planned Giving – one of the most effective ways to create a legacy

Estate planning is an issue that few of us want to address, but maybe one of the most important things you can do to protect your spouse, children, and the causes you support. More than 64% of all Americans do not have an estate plan; the lack of a will or estate plan means they have no way of ensuring that their wishes are followed and intentions fulfilled.

Estate planning is a sensitive, personal issue that can involve your spouse, children, members of your family and your financial and tax advisors. By making your estate plan, you can take care of the needs of your spouse and family members as well as remember the causes and charities that you hold dear.

There are several ways you can remember Iona University in your estate plans. Many of them can help you and your family.

If you are 70 ½ or older, you can save on taxes by making a Qualified Charitable Distribution from your IRA (QCD), also known as an IRA rollover gift, directly to Iona University.

IRA gifts do not count toward your taxable income, and — unlike a regular IRA withdrawal — they do not run the risk of moving you into a higher income tax bracket.

Every year, most IRA holders (those over 72 years of age) are legally required to withdraw what is known as a Required Minimum Distribution (RMD) from your IRA. RMDs can greatly increase your income taxes, and you are required to take an RMD even if you do not need the money. Those who do not take them can be subject to hefty tax penalties. A gift to Iona University offers a compassionate way to fulfill your requirement.

By taking advantage of this strategy, you can lower your tax burden while helping to educate today's Iona students. This investment in Iona can be particularly attractive if you are still working, have sufficient retirement assets, or find yourself in a higher tax bracket because of the RMD. You can transfer up to $100,000 directly out of your IRA every year, and the gift is tax-free regardless of whether you itemize your deductions.

The secure IRA donation tool below takes just a few minutes to use. Make a direct impact through your IRA today:

Give Through My IRA

A charitable bequest is certainly the most popular and enduring planned gift. Bequests are a favorite with donors because they are a gift planning strategy that gives you the opportunity to leave a lasting legacy while retaining full use of your property during your lifetime. With a bequest, there is no disruption of your lifestyle and no immediate out-of-pocket expense. You will not earn a charitable income tax deduction during life, but your estate will receive an estate tax deduction for the value of gifts left to the College.

Creating a Will

Most people associate a will with entering their golden years, but it is one of the most important documents you can create, regardless of your age. A will is the only way to protect your spouse, partner, children and assets – without a will, the state will decide what happens to your assets and how they are divided.

Iona University can help. We have partnered with FreeWill, an online resource that allows you to create a simple, legal will that can document your wishes. If you prefer to speak with an attorney before finalizing your will, FreeWill is a great place to organize your intentions and save time. The average FreeWill user completes their will in less than 20 minutes, and the service is completely free for friends of Iona University.

As you use FreeWill, we invite you to join the visionary legacy donors who have chosen to include a gift to the College through an estate plan. FreeWill, however, just that – a free estate planning service. It is not necessary to make a gift to the College to use the service, and you are under no obligation to do so.

Create my free will

Bequest Language

For those using an attorney to help define their estate plan, here’s some sample language you can use to help define your intentions. As with all legal documents, please consult an attorney who can assist you with the exact wording for your bequest.

Specific Bequest

If you are considering making an outright bequest to Iona University, we recommend the following language:

Bequest of a Specific Dollar Amount

I hereby give, devise and bequeath $(DOLLARS) to Iona University, a nonprofit organization located at 715 North Avenue, New Rochelle, NY 10801, Federal Tax ID # 13-3508093, for Iona University's general use and purpose.

Bequest of Specific Real Estate

I hereby give, devise and bequeath all of the rights, title and interest in and to the real estate located at (ADDRESS OR DESCRIPTION OF PROPERTY) to Iona University, a nonprofit organization located at 715 North Avenue, New Rochelle NY 10801, Federal Tax ID # 13-3508093, for Iona University's general use and purpose.

Percentage Bequest

If you are considering making a bequest of a percentage of your estate to Iona University, we recommend the following language:

I hereby give, devise and bequeath XX percent (XX%) of my total estate to Iona University, a nonprofit organization located at 715 North Avenue, New Rochelle NY 10801, Federal Tax ID #13-3508093, for Iona University's general use and purpose.

Residual Bequest

I hereby give, devise and bequeath to Iona University, a nonprofit organization located at 715 North Avenue, New Rochelle NY 10801, Federal Tax ID #13-3508093, (ALL OR A PERCENTAGE) of the rest, residue and remainder of my estate to be used for Iona University's general use and purpose.

Making Iona the beneficiary of your qualified retirement plan can result in a transformational gift to the College and significant tax savings for your estate and heirs. IRAs are subject to both income taxes and estate taxes after the owner dies, possibly resulting in overall taxes of 60% or more. The new SECURE Act places additional restrictions on giving IRAs to your heirs, with the new law mandating that the IRA must be liquidated in ten years. This income could result in an additional tax burden for those receiving IRA. Donating your IRA will avoid these taxes.

You can name Iona University as the beneficiary of your 401(k), 403(b), IRA, Keogh, or profit-sharing pension plan or other qualified retirement benefits by simply calling your plan administrator and requesting a “Change of Beneficiary” form. Use our legal name "Iona University" and Federal Tax ID, 13-3508093.

You will continue to retain the use of the plan during your lifetime. Consult with your tax advisor regarding the benefits of making this gift.

You're looking to make smart investments for the future that meet your individual needs for growth or succession. You'd like to repay Iona University in some way for your advancement and opportunity over the years. What are your options for current planning and future gifts?

Starting a charitable gift annuity or charitable remainder trust may be very beneficial to you now and your estate later. How do you decide which asset to give? Why not let us assist you in your decision by contacting Pamela Bottge '92 at (914) 633-2413 or pbottge@iona.edu.

When you designate Iona University as the beneficiary and owner of a whole-life policy, there is an income tax deduction available to you.

Use our legal name (Iona University) and our Federal Tax ID number (13-3508093) and simply contact the insurance company to request a Change of Ownership or a Change of Beneficiary form.

Under some circumstances, you can deduct your annual premium payment. Your deduction will vary depending on whether the policy is still being paid, fully paid, or has an outstanding loan.

  • Iona accepts gifts of real estate, artwork and other tangible assets. Contact your financial advisor or the Iona University planned giving department to find out the best way to make these gifts and maximize your tax advantages.

Contact Us

Pamela Bottge '92

Assistant Vice President for Advancement & Alumni Engagement