Louisa Parsons Legacy Society
A simple way to leave a lasting legacy.
The Louisa Parsons Legacy Society is named in honor of the pioneering nurse and philanthropist Louisa Parsons, the University of Maryland School of Nursing’s first superintendent, who made the first planned gift to the School in 1916. Her gift began a long tradition of philanthropy, and the Louisa Parsons Legacy Society is comprised of individuals who, like Parsons, have the desire to support future generations of students and nurses through:
- faculty positions
- other critical needs.
Joining the Louisa Parsons Legacy Society allows you to make a significant difference to future nursing students without impacting your current lifestyle.
Ways to Give
The most popular way to give is by leaving a bequest in your will. Charitable bequests can include cash, securities, real estate, or other property. A gift through your will may be:
- a gift of a specific dollar amount
- a percentage of your estate
- the portion remaining after fulfilling other provisions.
Many of our alumni and friends have discovered that bequests are the simplest way to focus on their current financial obligations while still giving back to UMSON.
For example ...
Betty wrote her will a few years back specifically leaving gifts to her nieces. Recently, she has decided that she would like to leave funds to UMSON to provide scholarships for nursing students. She contacted her attorney to update her will, leaving 80 percent of her estate to her nieces and 20 percent to UMSON. This gift doesn’t impact Betty’s current financial situation, but it allows her to support UMSON beyond her lifetime.
Did you know that you can make UMSON a beneficiary of your retirement plan — for the full amount or for a percentage? Heirs often lose much of this kind of gift to taxes, but charities receive every dollar.
For example ...
Patrick feels certain that his success in nursing is a result of the education he received at UMSON. Though he wants to provide for his child, he also wants to support the next generation of nurses at UMSON. His assets include his house and a retirement account, both of equal value. If Patrick leaves the retirement account to his child, the child will need to pay income taxes that will reduce Patrick’s bequest. The simple solution is to leave the house to his child and designate University of Maryland Baltimore Foundation as a beneficiary of the retirement account, eliminating the tax burden on his beneficiary and allowing him to help fund programs vital to UMSON.
A Charitable Gift Annuity (CGA) is a simple contract between a donor and the University of Maryland Baltimore Foundation. You transfer cash or appreciated securities to UMBF in exchange for fixed income payments for life (with rates based on your age). Benefits may also include:
- federal income and state tax deductions
- increased income from low-yield assets
- preferential capital gains tax treatment on gifts of long-term appreciated property.
For example ...
At age 75, Barbara is enjoying retirement but is seeking additional income. After learning about charitable gift annuities, she realizes that CGAs offer better payouts than her current investments. She transfers $10,000 cash to UMBF in exchange for fixed quarterly payments for life. She will receive partially tax-free income and is eligible for a charitable income tax deduction. Her gift also benefits UMSON and will provide opportunities for the next generation of nursing students. It really is a gift that gives back!
If you would like to learn more about making a planned gift, or about membership in the Louisa Parsons Legacy Society, please contact us. You can also visit the University of Maryland Baltimore Foundation for more information.