Planned Giving Opportunities

If you are 70 ½ or older, you can save on taxes by making a Qualified Charitable Distribution (QCD) from your IRA directly to Iona University. Unlike regular IRA withdrawals, QCDs do not count toward your taxable income, avoiding the risk of moving into a higher tax bracket.

For those 73 or older, Required Minimum Distributions (RMDs) are mandatory and can increase your income taxes. A gift to Iona University can fulfill this requirement, reducing your tax burden and avoiding penalties.

Give Through My IRA

A charitable bequest is the most popular and enduring planned gift. Donors favor bequests because they allow you to leave a lasting legacy while retaining full use of your property during your lifetime. With a bequest, there's no disruption to your lifestyle and no immediate out-of-pocket expense. While you won't receive a charitable income tax deduction during your life, your estate will benefit from an estate tax deduction for the value of gifts left to the University.

Creating a Will

A will is one of the most crucial documents you can have at any age. A will ensures that your spouse, partner, children, and assets are protected according to your wishes. Without it, the state will determine how your assets are distributed and who receives them.

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 University through an estate plan. FreeWill, however, just that – a free estate planning service. It is not necessary to make a gift to the University 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.

Naming Iona University as the beneficiary of your qualified retirement plan can create a transformative gift for the University while offering significant tax savings for your estate and heirs. Retirement accounts like IRAs are subject to both income and estate taxes after death, which can lead to a combined tax burden of 60% or more. Recent changes under the SECURE Act require IRAs to be liquidated within ten years, potentially increasing the tax burden for your heirs. By designating Iona University as the beneficiary, you can avoid these taxes.

To make Iona University the beneficiary of your 401(k), 403(b), IRA, Keogh, or other qualified retirement plans, simply contact your plan administrator and request a “Change of Beneficiary” form. Be sure to use our legal name, "Iona University," and Federal Tax ID, 13-3508093.

You will retain full use of your plan during your lifetime. Consult with your tax advisor to explore the benefits of this generous gift.

Plan Your Beneficiaries

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? Connect with us at plannedgiving@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. 

Questions? Connect with us at plannedgiving@iona.edu.

Iona accepts gifts of real estate, artwork, and other tangible assets. Contact your financial advisor or plannedgiving@iona.edu to find out the best way to make these gifts and maximize your tax advantages.