Leave a legacy to Western University of Health Sciences.
A bequest is a precious final gift that can breathe life into someone else's dreams. We at WesternU are honored to be a trustee of such gifts of final and lasting charity. Bequests have made some of WesternU's dreams become realities. They have provided us with crucial funding to create state-of-the-art facilities out of new and existing buildings, hire vital staff, support innovative research in areas of health sciences, launch new academic programs and award scholarships to deserving students. We appreciate your consideration of such a gift.
Bequests are traditionally made in a Will or Living Trust with the aid of a legal advisor. We encourage you to seek professional advice before making a gift of this kind. A bequest may be designated to the University general fund to support all of our exemplary colleges or it may be directed to a specific college, program and/or department. Bequests may also be directed to help students with scholarships, award academic achievement or to fulfill a lifetime pledge. The choice is up to you as the donor. Please be specific if you wish a particular college, department and/or program to receive your gift.
In any legal document specifying the terms of a bequest, it is crucial that the University be clearly identified as:
Western University of Health Sciences, a California Non-Profit Corporation
309 East Second Street
Pomona, CA 91766-1854
Tax Identification Number 95-3127273
A bequest may be made for a specified dollar value, a percentage of your estate, for the residue of your estate, or as a contingent beneficiary after other specific gifts are completed. A bequest may be made in the form of cash, personal property, securities, real estate or a life insurance beneficiary designation.
Gifts to the organization may be specifically restricted for uses in connection with either the Oregon or California campus.
Some sample language follows:
- A Per Cent Bequest
I give (percentage amount) to Western University of Health Sciences, a California Non-Profit Corporation, or its successor, Tax Identification Number 95-3127273, for use in (state general fund, college, department or specific program). - A Specific Bequest
I give (state amount or item) to Western University of Health Sciences, a California Non-Profit Corporation, or its successor, Tax Identification Number 95-3127273,for use in (state general fund, college, department or specific program). - Residual Bequest
I give (all or state a percentage share) of the rest, residue, and remainder of my property, both real and personal, to Western University of Health Sciences, a California Non-Profit Corporation, or its successor, Tax Identification Number 95-3127273, for use in (state general fund, college or specific program).
Western University of Health Sciences offers other estate planning techniques that enhance your charitable giving while benefiting you, the donor. Through careful planning your philanthropic goals may be met and, at the same time, provide you with lifetime income and favorable tax treatment. Consider the advantages of three such techniques.
- A Charitable Gift Annuity is a contract between Western University of Health Sciences and an individual and is a combination gift to the university and an annuity for the individual. In this type of transaction, the individual transfers an asset(s), i.e., cash, stock, real estate, to Western University in exchange for a one-life or two-life Charitable Gift Annuity. A few of the advantages are:
- Charitable income tax deduction for a portion of the gift;
- Fixed life-time income for one or two annuitants;
- Annuity payments are treated as part ordinary income and part tax-free income. When an appreciated asset is transferred, part of the capital gain tax is avoided and a portion of the gain is taxed each year over the projected life expectancy of the annuitant(s);
- Principal passes to the university at the end of the contract.
- A Charitable Remainder Unitrust allows an individual to place an asset(s) i.e., cash, stock, real estate, into a Charitable Remainder Unitrust. A few of the advantages are:
- Charitable income tax deduction for a portion of the gift;
- No capital gain tax on appreciated property that is placed in the trust;
- Donor or designated beneficiaries receive income for life or term of years;
- Additional gifts may be made to the trust creating additional charitable income tax deductions;
- Remainder of trust principal passes to the university at the death of the beneficiaries or the completion of the term of years.
- IRA Charitable Rollover Protection Act of 2006
The provisions of this act were recently extended by Congress through December 31, 2009. It permits an owner age 70 ½ or older to make a direct transfer of traditional IRA or Roth IRA funds to charity (but SIMPLE IRAs and other retirement plans do not qualify for this treatment). This transfer may be up to $100,000 in one year and will qualify as part or all of the donor's required minimum distribution. By transferring all or part of your required minimum distribution, you will have a lower taxable income and consequently there is no income tax deduction.
The illustrations above are intended for sample purposes only. We urge you to consult with your legal and financial advisors when completing your estate plan. Please direct your advisors to the site below where they will find current information and tools that will assist them in this process. You are also invited to contact the Department of Planned Giving as you consider important decisions about your estate. We will be happy to discuss the various planned gift and bequest options available as well as send you a copy of a pamphlet entitled A Guide to Planning Your Will and Trust to assist you in organizing your thoughts and the information necessary to begin your estate planning process. This pamphlet can be sent via e-mail or the US Postal Service.
Western University of Health Sciences
Department of Planned Giving
309 East Second Street
Pomona, CA 91766-1854
FAX: (909) 469-5215
Olive B. Stephens
Planned Giving Administrator
Phone: (909) 469-5211
ostephen@western.edu
Tim Bamrick, MA, Certified Planned Giving Specialist
Director of Development, College of Osteopathic Medicine of the Pacific (COMP)
Phone (909) 706-3455
tbamrick@western.edu
Thank you for considering a legacy to help us turn our dreams into realities. You will be helping to save lives and to change lives!
The information contained on this site is provided as a service to our readers, and does not constitute legal advice. We try to provide quality information, but we make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or any associated source of information that may be referred to or mentioned herein. As legal advice must be tailored to the specific circumstances of each case, and laws are constantly changing, nothing provided herein should be used as a substitute for the advice of competent counsel.