Alumni Learn Strategies for Planned Giving
Alumni from across the country tuned into a gift planning webinar on Nov. 21 sponsored by the Office of Multicultural Advancement. Jason Tripp, executive director of gift planning at Syracuse University, shared strategies for using planned giving to maximize philanthropy.
“Cash is actually the most expensive way to make a gift. Gift planning allows donors to make a significant gift in their lifetime that does not impact current cash flow,” says Bria Sowell, director of development in the Office of Multicultural Advancement.
In the webinar, Tripp dispelled misconceptions about gift planning being overly complex, or that it only makes sense for large gifts or for older or high-net worth donors.
Instead, he outlined various strategies for incorporating philanthropy into a financial plan through means such as charitable trusts, bequests, life insurance policies and donor-advised funds.
“Alumni learned mechanisms to structure gifts for maximum impact to achieve and augment personal and charitable goals, as well as the potential tax and legal benefits associated with charitable giving, including deductions and credits” says Sowell.
Alumnae Candice Carnage ’90 and Tara Favors ’95 shared their experiences using gift planning to support OTHC and SUMA initiatives in a significant way. Both have supported OTHC through bequest gifts.
Sowell stresses the importance of working directly with the Office of Multicultural Advancement in developing planned gift agreements. “If an alumnus simply adds Syracuse University to their will or as a beneficiary on a life insurance policy or retirement account, they will not have any say as to how those funds are used without a written agreement,” she explains. “By establishing a planned giving agreement with us, an individual can make the same stipulations to their gift as if they were giving us the funds today. We’re also happy to work with you or your financial advisor to help identify opportunities within current assets and provide clarity to any questions to implement your charitable goals effectively.”
If you'd like to schedule a one-on-one consultation to discuss options, please contact Bria Sowell at bmholnes@syr.edu.