RSU Announces Creation of Legacy Society

The Rogers State University Foundation has announced the establishment of the Legacy Society, an organization of individuals and families who have provided gifts to the university through their estate plans.

The Legacy Society offers donors a variety of planned giving methods to provide future support for education through wills, real estate, life insurance policies or specially designed trusts.

“Planned gifts can provide income and security for the donor throughout their lives while offering an unique opportunity to establish a legacy of support for the education of future generations,” said Danette Boyle, RSU vice president for development.

Professional financial planners work closely with individuals and families to select and establish planned giving methods that best suit their investment and retirement plans. The RSU Foundation also can work with a donor’s own financial planner, accountant or attorney to plan a gift. The most common methods of planned giving are wills and outright bequests, charitable remainder trusts, life insurance, and retained life estates.

Gifts through a will or living trust allow the donor to retain their assets over the course of their lifetime. A bequest, which can be a specific amount or percentage of an estate, can significantly reduce estate tax liability, Boyle said.

The creation of a charitable remainder trust or annuity allows donors to make a gift to the university while continuing to receive income from the gift during the course of their lifetime or a certain number of years. Through this method, the donor will receive an immediate charitable gift tax deduction and can avoid capital gains tax.

By purchasing a life insurance policy and naming the university as the owner and beneficiary, donors can receive charitable gift tax deductions for each premium payment. In addition, paid life insurance policies that may no longer be needed can be contributed to the university, allowing the donor to receive a charitable gift tax deduction approximately equal to the cash surrender of the policy.

Gifts of a home or farm can be made without giving up the use of the property during a donor’s lifetime. Provisions can be made for a spouse or loved one to live at the property during their lives. Donors can receive a charitable income tax deduction based on their age and the value of their property.

Any planned gift can be designated for a specific academic program of the donor’s choice, or without restrictions to be used for the priorities of the university.

For more information, contact the RSU Foundation at (918) 343-7773.