Gifts of IRA or other retirement plans
Naming Upstate Medical Alumni Foundation as the primary or contingent beneficary of your retirement plan can be a convenient, tax-favored giving option for charitably minded individuals. Careful planning for the disposition of retirement plan assets can help to avoid undesirable tax costs. Please note that our legal name is Syracuse Health Science Center Medical Alumni Foundation.
How it works:
- Name Upstate Medical Alumni Foundation as a beneficiary of your IRA, 401(k) or other qualified plan
- Designate the Medical Alumni Foundation to receive all or a portion of the balance of your plan through your plan administrator
- The balance in your plan passes to the Upstate Medical Alumni Foundation after your passing
Benefits to you:
- Avoid the double taxation (up to 70%) your retirement savings would incur if you designated your heir(s) as beneficiary(ies)
- Continue to take regular lifetime withdrawals
- You maintain ownership of the plan while alive and can make necessary changes if your family's needs change
To learn more, contact us.
The Upstate Medical Alumni office is open Monday through Friday from 8:30 am to 4:30 pm. Our Executive Director, Paul E. Norcross can be reached at (315) 464-4362 or norcrosp@upstate.edu and our Associate Director, Lori A. Murphy can be reached at (315) 464-4359 or murphyL@upstate.edu. You can also fill out the short form below with your contact information and we'd be happy to contact you.