OLLI-UA Planned Giving

What is a Planned Gift

A Planned Gift is a gift made to an eligible charity, like OLLI-UA, upon the donor’s death. It is a “planned” gift in that arrangements are made and instructions given during your lifetime, for completion only after your death.

There are many reasons why OLLI-UA members might think of leaving a planned gift to support the program. Most reflect their own sense of value in the program and the desire to leave a sustaining legacy behind when they pass.

For many members, OLLI-UA has been a source of enrichment, learning, and camaraderie for years, and they want to leave a gift to make the best program of its type in the Tucson area even better. Some give so OLLI-UA can remain affordable and accessible to a diverse membership. Some want to support the program because they believe in the benefits of an active mind in retirement, and others will give because they believe that their gift will be wisely spent to provide an interesting and vibrant program for seniors living in Southern Arizona.

But, whatever the reason, the beauty of a planned gift is that it is almost always possible to leave a larger planned gift than would have been possible during your lifetime.

If you’re considering a planned gift to OLLI-UA, think about what your gift could do for the program and where your gift could have the most impact. Your choices will define the legacy you leave for OLLI-UA.

What is the Best Way to Leave Such a Gift to OLLI-UA?

The best way is a personal decision and depends on your individual circumstances.

There are a number of ways to give that range from simple to complex. Simple approaches tend to be revocable in nature and complex tend to be irrevocable.

Revocable Gifts

Bequests

Perhaps the most obvious way to make a planned gift is with a provision in your will or trust, stating that OLLI-UA should receive a gift (either a specific asset, specific amount, or percentage of your estate) upon your death.

Retirement Plan Beneficiary Designations

IRA, 401(k), 403(b) 

Although it may be a simple process, a bequest might not be the best way for you. If you have a traditional Individual Retirement Account (IRA) or other tax deferred retirement account, you can make OLLI-UA a beneficiary of the IRA, stated as a percentage of the total value. You simply make a new beneficiary designation naming OLLI-UA as a beneficiary and, upon your death, OLLI-UA will receive the gift. The reason this might be a better way is that OLLI-UA is tax exempt, so what would have been taxable if left to your heirs is not taxable to OLLI-UA. The basic objective is to leave taxable assets to charity and nontaxable assets to your heirs. 

Other Revocable Planned Gifts:

• A legacy gift of real property

• A payable on death (POD) designation on a bank or brokerage account

• A designation of beneficiary of a life insurance policy

• A designation of beneficiary of a donor advised fund.

Irrevocable Gifts

Irrevocable gifts might be an appropriate option, because they provide income and tax benefits now, in exchange for an irrevocable future gift to OLLI-UA. One option is a Charitable Gift Annuity for a minimum of $20,000. This is a contract between you and the UA Foundation that provides a current tax deduction and a guaranteed lifetime income stream. Another option is a Charitable Remainder Trust (CRT) for more flexibility and control with the same or better income and tax benefits. A CRT involves higher maintenance costs and works best for a larger planned giving program.

Because of their nature, you should always consult with your legal and tax advisors before making any irrevocable gift.

Need help or advice?

For advice, assistance or specific questions, we have OLLI-UA member Planned Giving “Coaches” ready to assist. Prospective donors are encouraged to meet with a Planned Giving “Coach” at any point in the process. We can help explain donation choices and strategies, provide wording for amendments and codicils and help you with forms, including enrollment as Charter Members of the OLLI-UA Legacy Society.

Please contact the OLLI-UA Program Manager by phone at 520-626-9039 or submit a support request here. We will put you in contact with a fellow OLLI-UA member Planned Giving “Coach” on your campus.

We can’t provide tax or legal advice but we can answer many questions relating to various types of planned gifts and which type might work best for you.

John and Mary Guilbert’s legacy gift is helping ensure the future of OLLI-UA.

What will your legacy be?

OLLI-UA is a 501(c)(3) non-profit affiliate partner of the University of Arizona.

Designate Gifts to:

Osher Lifelong Learning Institute at the University of Arizona (OLLI-UA)

IRS Tax ID: 33-1096431

Address: 4485 N 1st Avenue, Tucson, AZ 85719

Phone: 520-626-9039