When you include the Optometric Center of New York in your estate plans, you ensure that we continue to provide quality, comprehensive vision care for our patients and support the educational journey for future optometrists and researchers for generations to come. A legacy gift can take many forms may have tax advantages for you and your family. The most common planned gifts are transfer of stock or securities, and naming OCNY as a beneficiary in your will, life insurance policy, IRA, or retirement plan.
We are not financial advisors or lawyers. Always consult with your professional advisors and family members, if appropriate, when considering a planned gift opportunity.
Leaving a bequest or gift through your will is easy. With the help of an advisor, you can include language in your will or trust specifying a gift be made to family members, friends, or non-profits like the Optometric Center of New York as part of your estate planning. The amount you bequeath may be a specified dollar amount or asset, a percentage of the overall estate, a certain set of specified assets, or the residuary estate. Your gift may be directed to general purposes supporting the overall mission or to a specific program or area of interest. To establish an endowed fund that continues in perpetuity, a minimum of $25,000 is required.
“I give, devise, and bequeath [the sum of $_______] [all or ____ percent of the residuary of my estate] [specified assets or property] to the Optometric Center of New York, 33 W. 42nd Street, New York, NY 10036, a 501(c)3 organization, to be used for its general purpose in support of its mission [or designated purpose that reflect a particular program or interest such as scholarships, charitable care, Homebound Program.]
Establishing an Endowment (min. $25,000):
“I hereby give [the sum of $_____] [all or ____ percent of the residuary of my estate] [specified assets or property] to the Optometric Center of New York, 33 W. 42nd Street, New York, NY 10036, a 501(c)3 organization, to create an endowed fund for the [state purpose]. The income and accumulated gain from which, subject to the OCNY current spending policy, are to be used for the purpose stated above.
Enhancing an Existing Endowment
“I hereby give [the sum of $_____] [all or ____ percent of the residuary of my estate] [specified assets or property] to the Optometric Center of New York, 33 W. 42nd Street, New York, NY 10036, a 501(c)3 organization, to be added to the [general endowment fund which is to be used for their general purposes] [insert name of endowment fund if known which is to be used for state purpose such as scholarships]. The income and accumulated gain from which, subject to the OCNY current spending policy, are to be used for the purpose stated above.
Please include the following language for all restricted or directed gifts to assure that the gift will remain productive and impactful should circumstances change in the future.
“If at any time in the judgement of the Board of Trustees for the Optometric Center of New York the designated use of this bequest be no longer practicable or appropriate, then the Board of Trustees shall use the bequest to further the general purposes of the Optometric Center of New York, giving consideration, where possible, to my special interest as described above.”
Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way to make a gift to the Optometric Center of New York. By donating your appreciated assets you may realize some tax advantages such as avoiding paying capital gains tax on the sale of appreciated stock and receiving a charitable income tax deduction. Further, you have an immediate impact on our mission. To make a gift of securities, stocks, and/or bonds you may do so by:
Electronic Transfer – please contact us for instructions on transferring from your brokerage or investment account to the Optometric Center of New York.
Certified Mail – if you hold securities in certificate form, you will need to mail two envelopes separately to complete your gift. In the first envelope, place the unsigned stock certificate(s). In the second envelope, include a signed stock power for each certificate. You may obtain this power from your broker or bank. Mail both envelopes, separately, via certified mail to 33 W. 42nd Street, New York, NY 10036.
Valuing Stocks and Bonds
There are special rules for valuing a gift of stock. The value of a charitable gift of stock is determined by taking the mean between the high and low stock price on the date of the gift. Mutual fund shares are valued using the closing price for the fund on the date of the gift.
If you contact us at 212-938-5600 or by email at email@example.com to alert us to your pending gift, we are happy to confirm once it arrives. Gifts will be applied to the OCNY General Endowment Fund unless otherwise specified in writing.
A gift of your retirement assets, such as a gift from your IRA, 401k, 403b, pension or other deferred account is an excellent way to help the Optometric Center of New York as well as potentially achieve some tax-benefits. If you are like many people, you probably will not use all of your retirement assets during your lifetime and by making a donation you help create an impact for others.
Transfer your Retirement Assets
Your retirement assets may be transferred, in part or in whole, to OCNY by completing a beneficiary designation form provided by your plan custodian. If you designate the Optometric Center of New York as your beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed upon your death. Further, your estate will benefit from an estate tax charitable deduction for the gift.
Leave your Retirement Assets to OCNY
Did you know that a significant portion of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis (such as real estate and stocks) and give the retirement assets to OCNY. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
If you have a life insurance policy that has outlasted its original purpose or that you anticipate you won’t need, consider making your insurance policy a gift to the Optometric Center of New York. For example, you may have purchased the policy to provide for minor children who are now financially independent adults or to cover a mortgage that has now been paid off. When you gift your insurance policy to OCNY, you will receive a charitable income tax deduction. If OCNY retains the policy to maturity, you can receive additional tax deductions by making annual cash gifts so that we can pay the premiums, or you can simply name OCNY as a beneficiary.
Making a gift of Life Insurance
The simplest way to make a gift of life insurance is to contact your life insurance provider and request a beneficiary designation form from the insurer. List the Optometric Center of New York as the beneficiary to your policy.
Please let us know if you have already made OCNY the beneficiary of a life insurance policy as we would like to thank you and recognize your gift.