By Jim Bisco
The Ortman name has been prominent in the UB School of Dental Medicine through three generations constituting a century. The presence continues through the bequest of Harold R. Ortman, DDS, '41, to benefit the Dr. Harold and Virginia Ortman Dental Prosthetic Fund in the dental school. A campus sports supporter, Harold R. also made a bequest to UB Athletics for the development of indoor tennis facilities.
The endowed dental prosthetic fund will provide financial aid annually to dental students and will support special initiatives in the dental school. Harold R.'s son, Lance Ortman, DDS, '73, who retired in 2011 after a career as faculty member, associate dean for clinical affairs and interim department chair of restorative dentistry, recalls a conversation he had with his father, who died in 2016 at age 98, about the bequest gift to the university. "He saw that as a legacy that is important. He wanted something lasting that would be helpful," says Lance. "He did not want just his name on the wall but something that was going to assist the students and help move the school forward."
Lance hails his father's never-ending love for the dental school. "He thought you had a special responsibility as a professional to support the university and give back to the profession. A bequest is part of that—it's your lasting gift."
Another UB family tradition involved faithfully attending Bulls football games and other campus sports.
"My grandfather was a supporter of UB Athletics. I was a student athlete there, playing tennis and he was my number-one cheerleader," says Kristen Ortman Maines, head coach of the women's tennis program and granddaughter of Harold R. "He never pushed me in any direction, but I think inside he was thrilled that I chose to go to UB and continue the legacy of keeping the generations of Ortmans at UB."
A portion of Harold R.'s bequest will be allocated toward the support of an indoor tennis facility on campus. Building plans are in progress.
"He taught me the importance of philanthropy, and how important it was to give back to the university that had given him his start and all of the opportunities that it afforded him," Kristen says of her grandfather. "He wanted to be able to provide those opportunities to the students attending the university now."
"That was my dad," Lance reaffirms. "He wanted to be helpful and meaningful."
You can follow in Harold R.'s footsteps and create a meaningful, lasting legacy at UB in areas that matter most to you. Contact Ms. Wendy M. Irving at (716) 881-7484 or firstname.lastname@example.org to learn more about leaving a gift in your will to 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.