Planned Giving

The George Lynn Cross Heritage Society honors and recognizes donors who, through their estate plans, include a gift that will benefit the University of Oklahoma for generations to come. These thoughtful and well-planned gifts take many forms, such as bequests, charitable remainder trusts, or life insurance. All planned gifts strengthen the future of the University of Oklahoma, while creating an enduring legacy for donors.

Through a planned or deferred gift, donors can reach across the generations to touch the future of the University of Oklahoma and its students. A donor may make his or her gift unrestricted so that it can be used in an area where it is needed most, or may designate the gift to benefit a favorite college, department, academic or athletic program. Planned gifts are as unique as each individual who makes one and may be tailored in a way that best serves the donor’s needs, objectives, and wishes and those of the University of Oklahoma. Among planned gift options are:

BEQUESTS
Many donors choose to make a planned gift through a will or living trust, which enable you to retain your assets during your lifetime, while helping OU in the future. Bequests can be a specific dollar amount, a percentage of your estate, or the balance of your estate after providing for your family or other loved ones.

A bequest removes those assets from your estate and reduces estate tax liability. So that you may be properly acknowledged as a member of the George Lynn Cross Heritage Society, each donor is asked to provide the University of Oklahoma Foundation, Inc. with a copy of the relevant portion of his or her will or living trust.

CHARITABLE REMAINDER TRUSTS
The charitable remainder unitrust and the charitable remainder annuity trust are two life income planned gift options that allow you to make a gift to the University of Oklahoma Foundation, Inc., and receive income back annually from that gift for you or a designee for the rest of your life or for a set number of years while also receiving a current income tax deduction for the gift.

A charitable remainder trust is established when the donor irrevocably transfers cash, securities, or real estate to fund the trust. With the transfer of appreciated securities or real estate, the donor not only receives the charitable gift deduction, but also avoids capital gains tax. Upon the termination of the trust, the remaining principal in the trust is directed to the University.

LIFE INSURANCE
A gift of life insurance can be a very affordable and flexible planned giving method to make a significant gift. By purchasing a life insurance policy naming the Foundation as the owner and beneficiary, you can receive a charitable gift deduction for each premium payment. A paid up life insurance policy that may no longer be needed can also be contributed, allowing a donor to receive a charitable gift deduction approximately equal to the cash surrender value of the policy.

RETAINED LIFE ESTATE
A gift of your home or farm can be made without giving up the use of your property during your lifetime. You may also provide for your spouse or other loved one to live there upon your death. You can obtain a charitable income tax deduction based on the value of the property and your age. Property taxes and insurance remain the donor’s responsibility.

ADDITIONAL INFORMATION

If you would like to know more about making a planned gift to the University of Oklahoma and becoming a member of the George Lynn Cross Heritage Society, please contact one of the following development professionals or complete and submit our request form.  Your inquiry will be held in strictest confidence.

At the K20 Center:
Mary John O’Hair, Vice Provost for School and Community Partnerships
405/325-1267

University of Oklahoma:
J. P. Audas, Vice President for Development
405/325-3701

Tim Rasnic, Director of Planned Giving
405/325-3701

At The University of Oklahoma Foundation, Inc.
Ron D. Burton, Executive Director
405/325-6478