$4 Million to Make the Improbable Possible
Making a safe bet
Steven A. Guttenberg took his children to see where he grew up in Passaic, New Jersey, a poor neighborhood that he said made the kids afraid to get out of the car.
"I wanted to show them what you get from hard work, and not being handed a silver spoon," Steven says.
Now a successful oral and maxillofacial surgeon in Washington, D.C., Steven knows about hard work. Steven started working towards his dental career as a young boy with the guidance of his dental technician father.
"He taught me how to mix plaster and stone and pour models and wax crowns," Steven says. "And I just knew I was going to become a dentist; I never really had a second choice."
When it came to his education, Steven knew the University at Buffalo was a safe bet. As an undergraduate student, Steven knew that UB would give him the quality education he needed to get make his boyhood dream a reality.
"I came to Buffalo because I had heard about the reputation of the dental school, even back then in the early 1960s, and I figured I'd improve my chances of getting into the dental school by going undergraduate here. And hey, it worked."
After earning his bachelor's degree in psychology, Steven went on to graduate from UB Dental in '69.
Steven now wants to improve the chances of future dental students at UB. Alongside his wife, Diana Winters-Guttenberg, he has recently increased the Guttenberg bequest commitment to UB Dental from $1 million to $4 million, the largest gift ever to be given to the school.
Steven has not forgotten his humble beginnings, and the hard work it took to be able to give back. As a result, the Guttenbergs will use half of their gift to establish a scholarship fund for students from underrepresented populations.
"I believe in everybody from limited means getting raised up higher. I grew up in a family with fairly limited income. So I would like my money for the most part to go to kids who have the ability, but don't have the funds," he says. "Without UB, I don't think I'd be where I am. I think that the experience I had here was instrumental in propelling me forward."
Leave a Legacy
There are several ways to give back to the University at Buffalo. Find which gift fits into your lifestyle and help those students who lack the means, but have the drive to change our world for the better. Visit us on the Web to find out which gift option works for you. Contact the Office of Gift Planning at (716) 881-7484 or firstname.lastname@example.org for more information about furthering your legacy through UB.
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 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.
A charitable bequest is one or two sentences in your will or living trust that leave to the University at Buffalo a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan
'I give, devise, and bequeath to the University at Buffalo Foundation, Inc., a nonprofit education corporation, headquartered in Buffalo, New York, the (sum of $_____) or (_____% of my estate) or (the property described herein) or (the remainder of my estate) to benefit the University at Buffalo."
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the University at Buffalo or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the University at Buffalo as a lump sum.
You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the University at Buffalo as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and the University at Buffalo where you agree to make a gift to the University at Buffalo and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.