Planned Giving - Tyler Legacy Society

A planned gift is an attractive giving strategy for many donors and one you arrange during your lifetime with the benefit to BUCKS deferred to a future date. Typically, a gift of highly appreciated assets is made while the donor retains the income from those assets for his or her lifetime. Such gifts are a vital source for assuring the financial strength and growth of the College. They also serve as crucial elements to one’s estate planning and tax savings strategies.

What opportunities does a planned gift offer you?

  • Ability to make larger gifts during your lifetime than otherwise possible.
  • Ability to make a gift while assuring income for yourself, a spouse, a child or to others for whom you wish to make provisions.
  • Ability to create a memorial in your name or that of others close to you.
  • Ability to take advantage of  tax benefits.

Charitable Objectives through a Planned Gift

As you consider your options, please keep us informed. We would be happy to talk with you about how you can best achieve your charitable objectives through a planned gift.

Bequests

Bequests through a will may be beneficial to individuals who wish to make a gift without diminishing available assets during their lifetime. You may wish to leave BUCKS a specified dollar amount, a percentage or residual of your estate, or a gift of specific property. Click Here for sample bequest language. We are also available to review draft bequest language with your estate planning professional.

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Charitable Gift Annuity

Charitable gift annuities provide you and/or other annuitants with lifetime income and do not require a large donation. In exchange for an irrevocable gift of cash, stock, bonds, or in some cases, other assets, you will receive a charitable income tax deduction in the year of the gift, as well as fixed income payments for life. When the annuity terminates, the remaining assets will benefit BUCKS in accordance with your designation. Click Here for more information, and visit the American Council on Gift Annuities for the latest gift annuity rates.

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Charitable Remainder Annuity Trust (CRAT)

A CRAT is a popular planned gift. Cash, securities, real property, or other assets are transferred into a trust, managed by a trustee, to pay you or others you choose a fixed income for life or for a term of up to 20 years. When the trust terminates, the remaining assets in the trust are transferred to BUCKS.

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Charitable Remainder Unitrust (CRUT)

Cash, securities, real property, or other assets fund a CRUT and are transferred into a trust, managed by a trustee, to pay you or others you choose a variable income for life or for a term of up to 20 years. When the trust terminates, the remaining assets in the trust are transferred to BUCKS.  

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Charitable Lead Unitrust

Charitable lead trusts allow you to make charitable gifts to BUCKS for any term of years and receive a payment equal to a fixed percentage of the net fair market value of the trust property, determined annually. At the end of the specified term the trust assets are returned to you or passed partially or entirely free of estate and gift taxes to loved ones. You will receive an immediate income and tax deduction for the value of the income payments to BUCKS.

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Charitable Lead Annuity Trust

A charitable lead annuity trusts provides BUCKS with a fixed dollar amount each year for any term of years or one or more lifetimes. At the end of the specified term the accumulated assets then go back to you or other annuitants.

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Deferred Gift Annuity

A deferred gift annuity, established by an irrevocable gift of cash, stock, bonds, or in some cases, other assets, provides you and/or other annuitants with lifetime income through fixed payments that will begin in the future (at least one year from the date of the gift).You will receive a charitable income tax deduction in the year of the gift. When the annuity terminates, the remaining assets will benefit BUCKS in accordance with your designation.

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Life Insurance

Naming BUCKS as owner and beneficiary of a paid-up policy entitles you to a deduction equal to your cost basis in the policy, or its replacement cost—whichever is less. Naming BUCKS as owner and beneficiary of a policy that is not paid up provides you with a tax deduction approximately equal to the policy's cash surrender value. You also may purchase a new policy and name BUCKS as owner and beneficiary.

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Real Estate

If you want to avoid capital gains tax on your property's appreciation and the cost of marketing and selling real estate, consider making a difference at BUCKS by donating your real estate. You can give the property outright, place it in trust, retain the use of it for life or give it by will.

When you make an outright gift of property held for more than a year, you obtain an income tax charitable deduction equal to the property's full fair market value. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. By donating the property to BUCKS, you also avoid capital gains tax on the property's appreciation. Furthermore, the transfer isn't subject to the gift tax, and the gift reduces your taxable estate.

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Retirement Account

If you are 70 1/2 or older, own an IRA, and regularly make charitable contributions, new legislation now allows you to make cash gifts totaling up to $100,000 a year from your traditional or Roth IRA to qualified charities without incurring income tax on the  withdrawal. Another benefit of the new legislation is that the funds transferred from your IRA to a charity count towards your mandatory withdrawal. Previously, if you wanted to use IRA funds for a charitable contribution, you had to withdraw money from your IRA and then contribute it. The amount you withdrew was taxable, and the deduction for the contribution may or may not have offset the tax. Click here for more information on the Charitable IRA Rollover.

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Your interest and generosity are deeply appreciated. Please consult your financial planner and/or lawyer for specific legal, tax, or investment questions.