Ways to Give explores the many ways our donors help Weill Cornell Medicine advance breakthroughs in research, provide compassionate care to patients and educate the next generation of medical leaders. Every donor is able to make a powerful impact. To learn more, please visit give.weill.cornell.edu
Pioneering surgeon Dr. Lewis Atterbury Stimson helped found Weill Cornell Medical College in 1898 with a noble goal – to create a center of learning for generations of healthcare leaders. Right from the start, Dr. Stimson understood the importance of adhering to the highest standards while planning for the future.
Members of Weill Cornell Medicine’s Lewis Atterbury Stimson Society share Dr. Stimson’s passion for excellence. Their generosity ensures that the institution’s innovative programs receive the steady, reliable source of funding required to transform medicine – critical support that is needed more than ever to fight COVID-19 and other important health challenges.
The Stimson Society honors donors who have established planned gifts or named Weill Cornell Medicine as a beneficiary in their wills or trusts. There are many tax-wise giving strategies from which to choose, including:
- Gifts of Marketable Securities: Gifts of long-term appreciated securities are a low-cost and popular way to make a gift.
- IRA Qualified Charitable Distribution: New legislation provides a tax-free opportunity for donors to make current gifts to charity. Those who are age 70½ or older and have an individual retirement account (IRA) may make a gift by directly transferring funds from their IRA to Weill Cornell Medicine.
- Gifts in Your Will or Trust: A bequest in your will or trust, or beneficiary designation of your financial account(s), offers an easy way to make a gift to Weill Cornell Medicine while providing you with the financial flexibility to retain full use of your assets during your lifetime.
- Gifts that Provide Payments for Life: In exchange for your gift to Weill Cornell Medicine, you and a loved one can receive supplemental income payments for your lifetimes, and tax savings. Examples include Charitable Gift Annuities and Charitable Remainder Trusts. Charitable Lead Trusts can provide gift and transfer tax savings for your family while providing current payments to Weill Cornell Medicine.
Barbara Gallay, a Stimson Society member, chose to establish a Charitable Gift Annuity (CGA) in 2019 to endow the Barbara A. Gallay Scholarship. Her generous gift will make a significant impact on the lives of future physicians and their patients.
“Establishing a scholarship enables me to help young people focus on medicine without having to worry about how they’ll repay their loans,” says Ms. Gallay. “Also, the CGA provides tax advantages and fixed quarterly payments for life, which is terrific.”
Barbara Gallay
Stimson Society members are invited to attend special events that highlight research, innovations in patient care and educational initiatives. They also receive a newsletter and valuable planning information from our gift planning professionals.
To learn more about the benefits of strategic financial planning and Stimson Society membership, please contact Lisa Lager, director of planned giving, at plannedgiving@med.cornell.edu or (646) 962-9567.
Please note that this information is provided for our friends and supporters. Its purpose is to describe current developments that may be helpful in your tax, legal and financial planning. Please consult with your own attorney or other advisors as to the applicability of any option to your personal situation.
