1955 Legacy Society
Since its founding in 1955, The University of Mississippi Medical Center has benefited from the foresight and generosity of people who have invested in the future by naming the medical center as a beneficiary in their wills. As tax laws changed, many other gift plans emerged, and each year these planned gifts have added to the value of the medical center's endowment and provided funds for professorships, research, facilities, patient care, scholarships, lectureships and many other specific programs to enhance healthcare and academic and excellence. Those who have made commitments to the medical center through planned gifts have left significant legacies and have truly become partners in the growth and development of The University of Mississippi Medical Center.
What Is The 1955 Legacy Society?
The 1955 Legacy Society was established in 2015, the medical center's 60th year. The society recognizes alumni and friends of the university who have either funded or planned a deferred gift, such as a bequest or a life income plan.
Qualifications for Membership
Anyone who has an estate gift planned for UMMC or who has completed a life income trust, retained life estate gift or other charitable trust plan for the university is eligible for membership in the 1955 Legacy Society. For example, The University of Mississippi Foundation can be made the beneficiary of donors' estates through specific bequests written in a donor's will or by being named the beneficiary of a life insurance policy or retirement plan. Donors who establish life income plans, retained life estates or other charitable trusts that benefit the medical center, whether the foundation manages the plan or not, also qualify.
Gift plans that confer membership eligibility include the following:
- Simple bequests
- Life income gifts, including immediate or deferred-payment charitable gift annuities, charitable remainder annuity trusts or unitrusts
- Retained life estate gifts
- Charitable lead trusts that pay income to the medical center
- Designation of the University of Mississippi Medical Center as beneficiary of a life insurance policy or retirement plan
Most plans that make donors eligible for membership can be funded with either a lifetime gift or a testamentary gift made through the donor's will. If you have questions about a gift plan you believe might qualify, please contact the Office of Development.
Why Does the Medical Center Want Members?
Many planned gifts arrive at UMMC unannounced. In these cases, the university has no advance knowledge about the bequest plans until the bequest is actually received. Such gifts are welcomed, of course, but the medical center deeply regrets the missed opportunity they represent. We believe it is vitally important to thank properly all those who remember UMMC with estate gifts.
Those who create bequests for UMMC are wonderful role models. Although the university keeps the value and details of each planned gift strictly confidential, every person who becomes an 1955 Legacy Society member provides an example for other friends of the university who have not yet made similar plans.
Further, when UMMC is aware that friends intend to contribute planned gift support, the medical center can work with them to ensure that their interests and intentions are clearly understood and can be followed accurately.
Finally, although the university recognizes that receipt of any individual planned gift is unpredictable, if enough individual plans are known, the university can make valid estimates about future receipts. Thus, financial plans and projections for the future can be made with more confidence and accuracy.
What Benefits Do Members Receive?
1955 Legacy Society members who give their consent will be honored on the Legacy Wall in the new School of Medicine and/or the respective school. Also, depending on the members consent, they are listed in The University of Mississippi Foundation Annual Report and, from time to time, in other medical center publications. A certificate, signed by the vice chancellor, confirms membership. 1955 Legacy Society members are invited to medical center donor- recognition events. Finally, 1955 Legacy Society members enjoy the informed thanks of a grateful medical center.
How Do I Join?
Anyone interested in joining the 1955 Legacy Society may become a member by completing a deferred gift plan for UMMC and confirming the plan, in writing, on the enrollment form, or in a separate letter. Donors should provide a fully executed copy of the section of their will that pertains to the gift.
Those who qualify by virtue of having completed a life income or other trust gift will automatically be invited to join if the gift plan is administered by The University of Mississippi Foundation. Those whose gift plans are managed by outside trustees or fiduciaries should simply confirm the plan's existence by completing the enclosed enrollment form or by sending a separate letter. When registering, new members should indicate whether their names should be kept in confidence or whether they may be listed as 1955 Legacy Society members in the medical center's publications.
What Gift Plans Qualify Donors for Membership?
If you already have completed any of the gift plans described below, you may join by indicating your plan on the enclosed enrollment form. Or, if you are interested in learning more details about creating one of the listed plans to become a member, contact the Office of Development.
A bequest through your estate plan:
Bequests can take many forms, and all qualify the donor for membership in the 1955 Legacy Society. Simple bequests can be for a stated portion of your estate, for the residue of your estate remaining after other bequests have been fulfilled, for a specific dollar amount or for a specific set of assets.
A life income gift established during your lifetime or through your will:
You can make a gift to UMMC during your lifetime that pays income back to you and anyone else you name. Or you can establish similar plans through your will that provide income for your heirs. All these plans represent a tax-advantaged means of providing income to you, your family or friends while aiding The University of Mississippi Medical Center. The University of Mississippi Foundation administers most life income plans with minimal expense to the donor or income beneficiaries and works with your advisors to provide necessary documents and tax information at no charge.
A gift of retirement assets or life insurance benefits:
You can make The University of Mississippi Medical Center a beneficiary of your IRA, Keogh or any other qualified retirement plan or of a life insurance policy. Such designations of UMMC as a charitable beneficiary save significant estate and income taxes. All these assets also may be used to establish tax-advantaged life income plans for your heirs.
Gifts of residential property with the right to life tenancy:
With a retained life estate gift, you can give the medical center your primary home, vacation home or farm including a home in exchange for the right to live in and enjoy the property during your lifetime, while earning a present income tax deduction and future estate tax savings.
A gift that pays income to the medical center and returns principal to you, your children or grandchildren:
A charitable lead trust that pays income to UMMC for some term of years can be established to yield significant tax savings for the ultimate beneficiaries of the trust. In addition, appreciation earned during the term UMMC receives income may go to your heirs at sharply reduced gift/estate tax rates.
For More Information
For more information on any of these giving plans, we encourage you to contact the university's planned giving staff or your own attorney and advisors. The University of Mississippi Medical Center will gladly provide sample documents your advisors can review and adapt, which will illustrate the potential income, gift and estate tax results of any gift you contemplate. Assistance from the planned giving staff is offered in total confidence at no cost.
Please Consider Becoming a Member
Members of The University of Mississippi Medical Center's 1955 Legacy Society are long-term investors; their gifts not only preserve UMMC's past but also guarantee that everything the university represents will become even more valuable in the future. 1955 Legacy Society members truly create permanent legacies with their gifts. If you have not yet done so, we hope you will review the options, think about how you want to be remembered at UMMC and consider completing a gift plan that will qualify you for membership. Such plans truly touch our future. If you already qualify for membership, please complete and return the enclosed enrollment form, and additional documentation.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.