Planned "Deferred" Gifts
Deferred gifts are the result of careful planning that integrates a donor's charitable gift into his or her overall financial, tax, and estate planning objectives so as to maximize benefits for both the donor and the Southwestern Pharmacy Alumni Foundation. Planned gifts typically come from a donor's assets rather than income and can be outright gifts, deferred gifts, or a combination of the two. Each of the deferred giving instruments summarized below is closely regulated by law and requires special arrangements and tax treatment. For more information about Planned "Deferred" Gifts, contact us.
Bequest in a Will or Living Trust
A bequest is a gift made through a Will or Living Trust. The Southwestern Pharmacy Alumni Foundation is often named beneficiary in the Wills and Living Trusts of alumni and friends. Bequests may be stated as a percentage of the estate, as the residual of the estate, or a specific dollar amount. Since a Will can be changed, no income tax benefits are associated with a bequest; however, the donor's estate is reduced by the amount of the bequest for estate tax purposes.
The drafting of your Will or Living Trust should be arranged with your attorney. Pharmacy Foundation representatives are available to confer with you and your attorney in drafting the appropriate bequest clauses.
Life Insurance can become a gift more valuable than the actual money expended when the policy is given to the Pharmacy Foundation and is named as the beneficiary. Three different giving opportunities are available with life insurance:
- First method: A donor can contribute a "paid up" policy to the Pharmacy Foundation and receive an income tax deduction equal to the policy's cash/replacement value.
- Second method: A donor can name the Pharmacy Foundation as primary beneficiary of the policy, resulting in estate tax savings, but no income tax deduction.
- Third method: A donor can name the Pharmacy Foundation as owner and beneficiary of a new policy and receive an income tax deduction for the amount of the premiums paid.
Planned Gifts provide substantial support for future use at the SWOSU College of Pharmacy. For more information about ways to give, please contact us.