The process of “planned giving,” offers several ways to make a charitable donation that not only help to create a legacy for the law school, but also offer potential tax advantages, while retaining the benefit of lifetime income for the donor. A planned gift may allow you to make a much larger gift, and create a significant legacy, than you might imagine possible. A planned gift may be revocable, giving you the flexibility of altering your plans if your circumstances change, or irrevocable, often making you eligible for a current income tax deduction and a reliable payment stream for the rest of your life. Charitable gift annuities, charitable remainder trusts, and life insurance gifts are among the instruments available. Wills and Bequests: Many of us are not able to make the kinds of gifts we would like during our lifetime. Yet, we may wish to remember Touro Law in our wills. A charitable bequest is the simplest and most commonly used form of planned giving. A gift in your will can be: • A specific dollar amount or a specific asset. • All or a percentage of the “residue” of your assets (what is left after you have made other gifts). • Unrestricted (used for general educational purposes). • Restricted (used for a particular purpose). • Structured to provide lifetime income to family before the gift is available for Touro Law. • Contingent (made only if specific conditions occur, e.g., spouse has died before you). • Changed by you at any time. Tax Talk: Charitable gifts from estates present a variety of tax planning opportunities. But unlike charitable gifts made during your lifetime, you may not receive a current charitable income tax deduction. However, if your estate is subject to estate tax a bequest to Touro Law Center may entitle your estate to an estate tax charitable deduction for the amount donated and reduces the amount of tax your estate must pay. Note also that if you make a gift by naming the Law Center as a beneficiary of your retirement plan or IRA, there can be income tax benefits. Please let us know if you have included Touro Law Center in your will so that we have the opportunity to recognize your philanthropy during your lifetime. Your gift is not binding on you or your estate, but informing us of your current plans will help us plan for the law school’s future. Please note, you should speak to your financial planner, lawyer, and/or tax advisor before making any gifts. How To: An existing will or trust can be amended to make a gift without rewriting the entire document. Your attorney can prepare a codicil, which adds a new bequest while reaffirming the other terms of your will. Similarly, an attorney can prepare an amendment to a revocable trust to add the Touro Law Center Development Foundation as a beneficiary. Please be assured that no individual bequest amounts will be released publicly without your permission and we would honor all requests for anonymity. Sample Bequest Language: I give and bequeath the sum of $_______ to The Touro Law Center Development Foundation, Inc., a New York State not-for-profit corporation at 225 Eastview Drive, Central Islip, New York 11722. Please talk with your attorney regarding specific language for your personal situation. In Conclusion: We are very excited to have come to a place in the life of our institution where we are able to create the Touro Law Legacy Society. We are in the process of putting together a “Planned Giving Committee,” currently being co-chaired by estate planning experts - Joseph Rosenberg ’87, Patricia Marcin ’85, and Dana Mark ’85. If you would like to join this committee, please let us know – everyone is welcome. Other effective planned giving vehicles include: Gift of Life Insurance, Charitable Remainder Trusts, Annuity Trusts and Charitable Lead Trusts. In the near future our friends and alumni will receive a series of brochures designed to explain these financial and estate planning instruments in greater depth. Please look for these and call with questions. And finally, some of you may be in a position to counsel your own clients about their estate planning and philanthropy. We hope to host a CLE program in the near future for Trust and Estate Planning. Please look for more information on that topic in the coming months. To find out more, please contact: Linda Howard Weissman Assistant Dean, Office of Institutional Advancement (631) 761-7061 lindah@tourolaw.edu If you have already included Touro Law in your estate plans, please let us know so we may include you among the donors we recognize in our Legacy Society. 32 T H E TO U R O L AW Y E R  | S P R I N G 20 17