Join the growing number of individuals who are extending their charitable giving beyond their own lifetime through a planned or deferred gift to the Oklahoma School of Science and Mathematics. If you plan to include the OSSM Foundation in your will, please do share your intentions with us so that we may properly thank you and include your name in the OSSM Legacy Society.
If you, your attorney, or tax planning professional has any questions please call OSSM Director of Development Covell Lindstrom at (405) 522-7804. We will be happy to work with you directly OR you can make also make contributions to benefit OSSM through the Oklahoma City Community Foundation.
Planned charitable gifts will ensure a legacy of transformational education opportunity for Oklahoma students and teachers, through OSSM Foundation (501c3) is able to continue providing the very best faculty and programs for Oklahoma students and teachers while providing both immediate and future benefits for donors.
Benefits may include 1) reductions to current income tax; 2) reduced capital gains tax; 3) reduced estate tax; 4) increased cash flow; and 5) opportunity to maximize inheritance to heirs
Legacy gifts include:
Wills and Bequests
Including the Oklahoma School of Science and Mathematics Foundation in your will benefits your heirs with tax savings and allows your charitable interests to continue, a living symbol of your care and concern for the education of our Oklahoma youth. Your gift given will ensure that students talented and passionate about science and math will always have the opportunity here in Oklahoma to develop their potential to the fullest extent possible in high school and beyond. More
Retirement Plan Assets (IRAs)
Retirement plan assets can be one of the most favorable assets to donate to charity because they are subject to a two-tier tax upon the owner’s death—both estate taxes and income taxes. The result can be tax rates as high as 80 percent on retirement assets! Donors can, however, use their retirement plan assets to maximize their charitable contributions with a small cost to their heirs. Please speak with your estate planning attorney for more information as to how this type of charitable giving might benefit you.
Real Estate/Retained Life Estates
Real estate that is appreciated above its cost basis can offer donors wonderful opportunities for mutually beneficial gift arrangements. It can, of course, be simply bequeathed in a will. Or, it can be gifted to the OSSM Foundation during one’s lifetime in a retained life estate, by which the donor retains the right to occupy the premises during his or her lifetime while receiving a current tax benefit for the discounted remainder value. Only after the donor’s lifetime does possession of the real estate being gifted pass to the charitable recipient. If the appraised value shows appreciation, capital gain taxes may be avoided on the real estate appreciation by donating the property, maximizing charitable contributions while preserving liquid assets for living expenses and/or benefit to heirs.
Oil and Gas Interests and Royalty Interests
Charitable gifts can be made of both oil and gas working interests and royalty interests. This type of contribution is another which may allow the donor to preserve liquid assets while maximizing charitable contributions.
Life Insurance Beneficiary Designations
Life insurance can be an effective means for a donor to fund his charitable giving plan without significant outlays of cash. There are many types of life insurance policies and payment plans. Most policy types can be charitably gifted and can be an ideal means by which to involve and initiate family philanthropy.
Charitable Trusts
Your estate planning attorney can assist you in setting up a charitable gift annuity or a charitable remainder trust, through which you may contribute the donation asset(s) yet continue to receive income from the asset(s) for your lifetime.
· Charitable Remainder Trusts
A charitable remainder annuity trust (CRAT) is a popular type of life-income plan. Cash, securities, real property, or other assets are transferred into a trust. The trustee manages the trust assets and pays you or others you choose a fixed income for life or for a term of years. When the trust terminates, the remaining assets in the trust are transferred to the specified charity.
· Charitable Lead Trusts
Charitable lead trusts (CLT) are often viewed as the opposite of charitable remainder trusts. A donor transfers property to the lead trust, which pays a percentage of the value of the trust assets, usually for a term of years, to the specified charity. At the end of the trust term, the remaining assets in the trust and any growth it has realized are passed to the donor’s heirs. Although there is no income tax deduction when you create a charitable lead trust, gift or estate tax is greatly discounted and any growth is passed to heirs is gift and estate tax free. It is one of the only transfer devices currently used that can discount the value of the original assets and result in little or no tax while achieving philanthropic goals.
Please consult your legal and/or tax professional for all determinations of value and/or tax benefit.
