The Otis Legacy Society honors the generosity of individuals who have included Otis College of Art and Design in their estate plans.
You can create a lasting legacy by helping to ensure the future of Otis for generations to come. We invite you to join with other dedicated philanthropists in enjoying the benefits of the Otis Legacy Society.
Planned giving opportunities:
- Bequest provision in your will or revocable trust
With a bequest provision naming Otis College of Art and Design as a beneficiary in your will or revocable trust, you may designate a specific dollar amount, a percentage of your estate or the remainder of your estate after other bequests are honored. A will provision allows you to make a substantial contribution without diminishing the assets available to you during your lifetime.
- Qualified Retirement Plans
Naming Otis College of Art and Design as a beneficiary of your qualified retirement plan may be particularly advantageous.
Current distributions from qualified retirement plans are reported as taxable income. In addition, distributions from these retirement plans at the death of the account-holder can be subject to estate taxes. In some cases, these income and estate taxes can claim as much as 70 cents from every dollar of the plan’s balance left for your heirs (excluding your spouse).
By naming Otis as the beneficiary of the remainder of your retirement plan, the total balance would become available for the College's use, avoiding income and estate taxes.
- Charitable Lead Trust
Setting up lead trust results in significant estate tax savings. You can transfer assets to a trustee, such as your financial institution* so that an annual sum is paid to Otis each year. When the trust terminates, the assets in the trust revert to the named beneficiaries
- Life Insurance
A gift of life insurance can allow you to leave a significant gift to Otis at a very small net cost to yourself and your heirs. You can donate a fully-paid policy, which is removed from your taxable estate or purchase a policy with Otis as the beneficiary.
- Real Estate
A retained life estate allows you to gift your home to Otis, take an immediate income tax charitable deduction for a portion of the appraised value, and continue to live in your home for life. You remain responsible for all taxes and upkeep. At the end of the life estate, Otis would use the proceeds of the sale of the property to benefit the area of Otis you care about most.
- Charitable Remainder Trusts
A Charitable Remainder Trust (CRT) is an attractive method to achieve a variety of goals while providing income for life. After your lifetime, the property that remains in the trust will benefit Otis.
- Charitable Gift Annuity
A Charitable Gift Annuity allows you to make an irrevocable gift to Otis so that you or a designated beneficiary receive a fixed income for life plus an IRS calculated immediate charitable deduction for income tax purposes. At the death of the last income beneficiary, Otis receives the principal to use in accordance with the terms of your gift.
- Deferred Income Charitable Gift Annuity
Income payments begin on a predetermined future date with a deferred annuity. This deferral results in higher income payments for the beneficiary(ies) and a higher tax deduction, as compared with a gift annuity that has an immediate payment.
This information should not be construed as legal advice or instruction. These examples are intended merely to illustrate possibilities. We encourage you to speak with your attorney or financial advisor about your options.
For further information about how you may benefit from making a bequest or other planned gift to Otis College of Art and Design, contact Carrie Banasky, Director of Advancement Operations, at 310-665-6859 or email@example.com or give now online.