Types of Gifts
"He plants trees to benefit another generation."
-Caecilius Statius, Synephebi
Charitable gifts are vital to the future of Texas Tech University Health Sciences Center. Funds are needed to attract and retain the brightest and best students and faculty, expand and improve facilities and provide much needed financial assistance to students. These giving options offer a variety of methods to help meet your interests and financial needs. For more information about how you can give to TTUHSC please contact GivingInfo@ttuhsc.edu.
Before solidifying gift plans, it is best to consult with your personal legal and financial advisor.
Annual Gifts »
Many of our alumni and friends have made contributions to the Texas Tech University Health Sciences Center Phonathon a part of their giving tradition. These special gifts are designated for student scholarships. For more information about how you can give to TTUHSC please contact GivingInfo@ttuhsc.edu and indicate your desire to be included in the Annual TTUHSC Phonathon.
Bequests »
These deferred gifts provide support for TTUHSC beyond your lifetime through your will. Bequests can provide support for general use or for a specific purpose by creating an endowment fund. TTUHSC can be a named beneficiary in your will in several ways:
- Designate a specific amount set out in dollars
- Designate a specific property to TTUHSC
- Designate a percentage of your estate to TTUHSC
- Designate a residual bequest which will allow you to provide a gift to TTUHSC with "what's left" from your estate after providing for a loved one.
Cash »
These are immediate gifts of cash or long-term assets such as securities, real estate or personal property. Cash represents one of most vital and critical sources of support to TTUHSC. Cash gifts are simple to make and receive.
Life Estate Gifts »
Under this arrangement, you donate your primary home, vacation home, condominium, farm or ranch to TTUHSC and reserve for yourself the right to continue to use this property during your lifetime. Since you have the right to use it, you remain responsible for maintaining the property during your life-time. You are granting to TTUHSC, at your death the remaining interest in your property.
Life Income Gifts »
These gifts include a variety of trust annuity and investment arrangements that provide lifetime income for you or someone you designate, and leave the remainder to TTUHSC. The most common forms of life income gifts include charitable gift annuities and charitable remainder trusts. There can be significant advantages to the donor with these types of gifts which you will want to discuss with your estate planning advisor, attorney or accountant.
- Charitable Gift Annuities are a contractual arrangement in which TTUHSC agrees to pay you or someone you designate, a lifetime income. The income amount is determined by using a fixed percentage of the original gift value, the number of annuitants, and their ages. Once established, the annuity contract cannot be enlarged with additional funding. However, additional annuities can be created.
- Charitable Remainder Trust is an effective method by which you can make a gift during your lifetime while receiving income for life for yourself or any other beneficiary, or for a specified term of 20 years or less. At the termination of the trust, TTUHSC receives any remaining assets in the trust to be used for your designated purpose. There are two types of charitable remainder trusts: the charitable remainder annuity trust and the charitable remainder unitrust.
Life Insurance Gifts »
Life insurance is primarily intended to secure inheritance for your heirs during the building of your personal estate. If you estate grows to a size where you no longer need this additional security, your insurance policies can be a good charitable gift resource.
When you make TTUHSC the owner and beneficiary of a fully paid policy, you can deduct the cash surrender value as a gift. If you make TTUHSC the owner and beneficiary of new policy or of a policy that is not yet fully paid, all additional premium payments are deductible. Life insurance gifts are not subject to estate taxes.
Matching Gifts »
We encourage all alumni and friends to investigate their employer's matching gift programs. This a great way to increase the value of your contribution by taking advantage of your employer's philanthropic spirit. If you work for a matching gift company, you may obtain a matching gift form from your personnel office. Send it along with your contribution to TTUHSC, Office of Development, 3601 4th Street, MS 6238, Lubbock, TX 79430.
Qualified Retirement Plans »
You may want to look closely at your estate. If it has grown to an extent that will provide adequate retirement income through other investments, your retirement funds may become a tax liability whether you use them yourself or leave them to your heirs. The most advantageous and easiest way to convert your retirement asset into a charitable gift is to make TTUHSC the sole beneficiary of the balance of your retirement account at your death. In community states, spousal consent is required.
Real Estate or Personal Property »
Real estate may be given outright by transferring title for residential, rental, oil and gas or commercial property to TTUHSC. Real property can also be contributed through a bargain sale, which allows TTUHSC to buy the property at less than fair market value.
Personal property may be anything of value that you own that is not secured to real estate, such as the following: artwork, computers, books, jewelry and collections.
Questions»
For more information about how your gifts can benefit TTUHSC please contact GivingInfo@ttuhsc.edu