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A LEGACY YOU CAN PLAN ON AT THE MEDICAL UNIVERSITY OF SOUTH CAROLINA

Office of Gift Planning | 843-792-5252

Office of Gift Planning


For some time I have wanted to make a significant gift to MUSC’s outstanding College of Nursing. As I looked at what I could give compared to what I wanted to give, there was a gap – a large gap. I really wanted to create an endowed chair in nursing that would allow the College to recruit a faculty member with a national reputation. Recently I decided to explore my options with Laurie Scott of the College of Nursing and Linda Cox of the Office of Gift Planning. They showed me how a life insurance policy could bridge the gap between my current giving ability and the giving level to which I aspired. I was pleased to learn that with a large premium payment up front, the annual premiums could be reduced to a figure that I could afford. With the help and support of my husband, we made the up-front payment, and now I will be able to manage the annual premiums on my own. This is a wonderful feeling, and I am very excited to be able to make this gift. Laurie and Linda really helped me change my idea of what is possible as a donor.

- Dr. Kay Chitty & Mr. Charles Chitty


Our Mission

Philanthropic gifts ensure that we can continue to provide the best facilities, scientists and technologies – and therefore the best instruction for our students and the best care for patients in our state, region and beyond. Although MUSC is a state institution, we receive less than 3 percent of our funding from state resources. Private gifts alone ensure our continued excellence. Considering a planned gift is a serious, personal decision that can begin a lasting legacy. And no two planned gifts are the same. We handle donations that range from real estate to stocks and bonds, from retirement assets to cash. Our job in the MUSC Office of Gift Planning is to ensure that your gift supports the projects most dear to your heart – in a way that most benefits your unique situation. If you already have provided for MUSC in your estate plans, please let us know so that we may recognize and celebrate you. Thank you for taking time to learn more about planned giving. We would love to answer your questions, provide further information or schedule a visit to campus. Please be in touch. - Linda Cox | Director of Gift Planning

Office of Gift Planning | 843-792-5252 | www.muscgiving.org


Bequests What is a bequest? A charitable bequest is the most common – and one of the easiest ways – that you can leave a lasting legacy at MUSC. A bequest provides direction in your will for a gift to MUSC. What are the benefits? By making a bequest, you can make a significant impact after your death on a project or area that matters to you. Additionally, you will receive an estate tax charitable deduction and lessen the tax burden on your loved ones. How do I make a bequest? To make a bequest, you can gift a percentage of your estate, a specific dollar amount or a portion of the balance remaining in your estate after gifts and expenses. For specific bequest language, please contact us or visit www.muscgiving.org.

A Lasting Legacy Maintenance supervisor Harry Tetrick taught generations of students how to care for equipment at the MUSC College of Dental Medicine. Thanks to an unexpected planned gift from his and his wife’s estate, Mr. Tetrick is still helping dental students. In 2014 the College of Dental Medicine received the largest gift to support scholarships in the school’s history -- $400,000 from Harry and Adela Tetrick’s estate. Mr. Tetrick, a World War II Navy veteran, came to work at MUSC in 1960. He joined the College of Dental Medicine in 1969, where he spent the next decade. Students knew him as the man who could fix almost anything and who wasted nothing. He preferred to recover and repair old equipment rather than buying something new. After her husband’s death, Mrs. Tetrick wanted to endow a scholarship at the MUSC College of Dental Medicine in his memory. The gift from the Tetrick estate will provide a scholarship to several first-year dental students annually and ensure that, even though they can’t hear his lectures on proper equipment maintenance, they still will learn a thing or two from Mr. Tetrick.

Office of Gift Planning | 843-792-5252 | www.muscgiving.org


Life Insurance What is a life insurance gift? You can make the MUSC Foundation the beneficiary or the owner and beneficiary of your life insurance policy. What are the benefits? By donating your life insurance policy, you may be able to make a more significant gift in the future. There are two ways to make a charitable gift of your life insurance policy. You can designate the MUSC Foundation as a whole or partial beneficiary of a policy and continue to own and make use of the policy during your lifetime. When you pass away, the policy will be included in your taxable estate, but your estate will benefit from a tax deduction for the value of the gift. Or, you can gift ownership of your life insurance policy to the MUSC Foundation today and receive an immediate income tax deduction. If the policy is not already paid-up, you can make tax deductible premium payments to the MUSC Foundation, which may also qualify for a charitable tax deduction. How do I make a life insurance gift? To name the MUSC Foundation as a beneficiary of your life insurance policy, you can request a beneficiary change form from your life insurance company. If you would like to make the MUSC Foundation both the owner and beneficiary of your life insurance policy, please contact the Office of Gift Planning in advance so that we may review certain criteria with you and/or your life insurance agent. We welcome gifts of both paid policies and those that remain to be paid.

“We are both from South Carolina and wanted to attend MUSC. I was a transfer student who was able to attend because of someone’s gift. Now, I want to give back. I know that some promising students want to stay in state but cannot afford tuition, books or rent. If money is the only reason someone can’t go to MUSC, we want to help eliminate this obstacle.”

- Dr. Benetta Bell & Dr. Gary Bell

Office of Gift Planning | 843-792-5252 | www.muscgiving.org


Charitable Gift Annuities What is a charitable gift annuity? A charitable gift annuity is a contract that allows you to make a gift in exchange for an annual income payment to you and/or to someone else. By realizing your philanthropic goals through a gift annuity, you can collect high returns on an asset for the rest of your life. What are the benefits? A gift annuity is a contract. Payments to you or your loved ones will be backed by all assets held by the MUSC Foundation. You can be confident that your gift annuity will provide a reliable source of annual income. You also will receive a charitable deduction for your contribution, and you may receive additional tax benefits depending upon the type of gift.

How do I make a charitable gift annuity? The Office of Gift Planning will create a personalized illustration for you with rates based on your age. We will send you a CGA Agreement in exchange for your contribution (check, stocks or bonds). Each year for the rest of your life, the MUSC Foundation will mail payments to you and/or a loved one.

“I feel that this is the most outstanding medical institution. My gift will continue to support The Edwin and Barbara Pearlstine Healing Garden at Hollings Cancer Center in honor of my late wife. I’m so proud that patients and staff can use this beautiful place. To me, a charitable gift annuity was just part of my estate planning. As well as making a charitable gift, it’s great to be able to get something back while you’re still living.” - Edwin Pearlstine

Office of Gift Planning | 843-792-5252 | www.muscgiving.org


Gifts of Retirement Assets What is a retirement gift? Retirement plans such as IRAs, 401(k)s, Keogh plans and 403(b) plans provide a simple way to make a charitable gift that can have a significant impact on the Medical University of South Carolina. Donating a retirement plan either during your life or after your death might allow you to accomplish multiple goals. What are the benefits? If you need your income during your life, which most of us do, you can name the Medical University of South Carolina Foundation as a partial or sole beneficiary of your retirement plan. This type of gift has many benefits, including estate tax savings and income tax savings to your heirs. If you name your heirs as the beneficiaries of your retirement plan, they may owe substantial income taxes on distributions from your plan. If you have ample income from other sources, you can use the distributions from your plan and make a gift to MUSC. Although you may have to pay income tax on the distributions, you can take a charitable deduction for this gift and offset some, if not all, of the income tax due. You also will have removed the withdrawn portion from your estate, which is a great benefit if your family will owe estate taxes. How do I make a retirement asset gift? To make a gift as part of your estate plan, you can complete a beneficiary designation form provided by your plan custodian. If you are planning on withdrawing funds from your retirement account and wish to make a charitable gift, please contact the Office of Gift Planning for current information on tax laws.

“I don’t want to be remembered for my cancer, I want to be remembered for what I did for others.” Paul Karppinen has firmly held to this philosophy since his diagnosis with large B-cell non-Hodgkin lymphoma in 2005. “Everyone, from the person greeting you to all of the caregivers, has been positively superb,” Paul said. Paul and his wife, Margaret, believe that gifts through their retirement plans were a smart way to show gratitude for the care he received at MUSC. He adds that, “Making a gift from your IRA is not only a tax advantage for you, but it saves your family from future income taxes if they inherit this asset. By making a gift from your retirement account, you are able to give back to the organization that has given so much to you.”

- Paul Karppinen

Office of Gift Planning | 843-792-5252 | www.muscgiving.org


Endowments What is an endowment? An endowment is a separate fund that will provide annual income in perpetuity for a specific area or project, which can be named for the donor or a loved one.

What are the benefits? When you create an endowment, you not only provide an ongoing source of income for an important project, but you lay the foundation for future gifts through this new fund. Endowments are prestigious recruitment tools that can position MUSC to compete on an international level for researchers, clinicians and instructors. They also can support scholarships, lectureships and programs. In short, endowments ensure that your priorities remain a part of our collective goals for generations to come.

How do I start an endowment? An endowment can be established with a current gift or through a variety of planned gifts. All named philanthropic endowments will be held, invested and managed by the MUSC Foundation in accordance with standards and guidelines as accepted and approved by its Board of Directors. Starting a named endowment requires a gift of $10,000 or more initially, and the endowment must reach the $50,000 requirement within five years.

Endowment opportunities: Named Endowed Scholarship:

$50,000

Named Endowed Fellowship:

$250,000

Named Endowed Lectureship:

$50,000

Named Endowed Professorship:

$500,000

Named Visiting Professorship:

$100,000

Named Endowed Chair:

$1,000,000

“I always have had a passion for the underserved, and I think I got that from the Medical University. I wanted to encourage students to continue to volunteer and also to help those going into a field that is so needed: family medicine.� - Dr. Palmira Snape Dr. Snape started two endowed scholarships: The Palmira Snape, M.D., Scholarship provides assistance to a fourth-year medical student who has been accepted into a family medicine residency program. The Palmira Silva Snape, M.D., Award for Volunteer Service helps a student who plans to enter a family medicine residency and who has given exceptional service to the community.

Office of Gift Planning | 843-792-5252 | www.muscgiving.org


Office of Gift Planning | 843-792-5252

MUSC Office of Gift Planning  
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