Planned Giving FAQs

Below are answers to a few of the most frequently asked planned-giving questions. Each individual's circumstances and needs are different. To discuss your personal situation and options, please contact Geoff Graham, Director, Planned Giving and Estates, at (858) 784-9365 or gcgraham@scripps.edu.

Q. What assets can be used to make a planned gift to Scripps Research?

A. Almost anything. You can make a gift of cash, securities, or other property, such as real estate or personal property like artwork. You can also opt to designate distributions from retirement plans or life-insurance policies to fund planned gifts.

Q. How can I include The Scripps Research Institute in my will or living trust?

A. The most common way is via a charitable bequest. This is an excellent choice if you want to support the Institute in the future, but also need to maintain liquidity and use of your assets during your lifetime. The full amount of your gift is deductible from your taxable estate.

Q. How do I make a bequest? Is it revocable?

A. To make a bequest, there is no need to rewrite your will or other documents. You merely add a codicil, or amendment, to your living trust. And yes, a bequest is flexible; you can adjust the terms of your gift after it is established.

Q. Are there any financial advantages of making a bequest?

A. Absolutely! Valuable tax deductions are a tangible benefit of making a bequest. It's an opportunity to receive important financial advantages while ensuring that the Institute can continue its critical work in the future.

Q. Are there planned-giving vehicles that can provide me with an income for life?

A. Scripps Research offers such instruments in the form of charitable gift annuities and charitable remainder trusts.

Q. What is a Charitable Gift Annuity?

A. A Charitable Gift Annuity is a simple contract between you and the Scripps Research Institute that provides you with a fixed sum each year for life in exchange for an irrevocable gift of cash or other assets. Not only does this vehicle grant income that you cannot outlive, it also offers a charitable income-tax deduction. A portion of the income received from the Charitable Gift Annuity also may be tax-free. And, if your asset is property that has appreciated, you may be able to avoid capital-gains taxes. The Charitable Gift Annuity's rate of return is often higher than what's available from many other conservative investments.

Q. What is a Charitable Remainder Trust?

A. A Charitable Remainder Trust is an estate-planning tool that allows you to make a gift (of $100,000 or more) in exchange for an agreement that you and/or loved ones receive an income stream for life or a term of years. The income you receive is dependent on the terms of the trust. A trustee (you, your financial professional, or someone else you choose) manages the assets; the income beneficiaries can be you or others close to you. You can take a tax deduction for a portion of the trust's value in the year you establish the trust, and you may reduce or eliminate capital gains and estate taxes. Moreover, annual payments to you may be taxed at lower capital-gains tax rates.

Q. How does this differ from a Charitable Lead Trust?

A. A Charitable Lead Trust is the reverse of a Charitable Remainder Trust: Rather than benefiting at the end of a trust's term, the Institute benefits at the beginning of it. To establish a Charitable Lead Trust, you transfer assets such as cash, securities, real estate, or other property into an irrevocable trust. The trust provides annual income to the Institute for a set term, then returns the assets to you or your heirs. The benefits — which include income-tax deductions and reduced or eliminated gift and estate taxes — vary, based on the terms you establish for your trust and whether the trust is enacted during your lifetime or as part of your will.

Q. How safe are charitable gift annuities and charitable remainder trusts?

A. These types of investments have proven to be very secure.

Q. Are there other ways to provide planned gifts?

A. Indeed. Gifts of retirement plans, life insurance, personal property, real estate, and residence with life estate retained are all meaningful ways to support the life-saving work of Scripps Research. Our department offers an entire range of planned giving options, and can advise you on gifts of unusual or illiquid assets.

For more information, contact William Burfitt, Director, Office of Philanthropy, at (858) 784-2037 or burfitt@scripps.edu.