A legacy made simple

Would you like to help support the Medical of University of South Carolina mission to preserve and optimize human life in South Carolina and beyond, without changing your will or parting with any assets now?

You can do this by designating the MUSC Foundation as a beneficiary of certain assets or accounts you own. This beneficiary designation is one of the simplest ways to make a gift to MUSC. It’s as easy as filling out a form.

You can name MUSC Foundation as the sole beneficiary of your assets or as one of several beneficiaries. For example, you can use some of your assets to make a legacy gift and use the rest to provide for family members or other loved ones.

There are many benefits of making a gift by beneficiary designation:

  • Flexible: Assets remain in your control should you need them. You can also change your gift designation at any time.
  • Easy to arrange: It does not require a change to your will. 
  • Tax incentives: Funds passing to the MUSC Foundation are not subject to income or estate tax. This means 100% of your gift is available for use by MUSC.
  • Family-friendly: You can name family or other loved ones to benefit from some of the asset value, with MUSC receiving the remaining portion.
  • Support your cause: Your gift to MUSC helps us use science to make change happen.

Assets to consider designating for MUSC include:

commencementRetirement assets: A beneficiary designation contribution from your IRA, 401(k), 403(b), or most other qualified retirement plans can save taxes for your heirs. If you leave your retirement accounts to others (non-spouse), the distributions will be subject to income tax. However, when these accounts pass to MUSC there is no income tax. Leaving your retirement account to MUSC and reserving other assets for your heirs saves taxes. Your retirement plan administrator can show you how to designate the MUSC Foundation as beneficiary of a percentage of your account or a specific dollar amount.

Life insurance policies: Simply complete and return to your insurance company a form designating that the MUSC Foundation will receive all or a portion of the death benefit associated with your life insurance policy.

Bank account: You can instruct your bank to pay to the MUSC Foundation all or a portion of what remains in your checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.

Investment account: You can instruct your investment company to transfer to the MUSC Foundation some or all of the investments held in your account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to the MUSC Foundation” after your name on the account.

campus at sunsetWe can help

Please contact Dana Taylor, Director of Planned Giving, at tayldana@musc.edu or 843-792-3592, to learn how a charitable gift, can match your goals, values, and create a lasting legacy at MUSC. Please use the following when including the MUSC Foundation as a beneficiary: MUSC Foundation Tax ID: 57-6028985; 18 Bee Street, MSC 450, Charleston, SC 29425. 

Note: The Medical University of South Carolina Foundation, is an independent, 501(c)(3) non-profit organization, which provides for the future benefit of The Medical University of South Carolina (MUSC) and/or the Medical University Hospital Authority (MUHA). 

This information is not intended to provide legal or financial advice, or to address specific situations. Please consult with your legal and tax adviser.