To make a gift of any kind to Tohono Chul Park is an act of generosity. To make a long-term gift – one derives from the work of a lifetime – is to make a commitment beyond measure.
The Wilson Legacy Society is a group of Tohono Chul Park supporters who have made a lasting commitment to sustaining our Park by making a life-income gift with Tohono Chul Park by naming Tohono Chul Park as a beneficiary in their estate plans. The Wilson Legacy Society is a way for us to recognize this profound contribution to Tohono Chul Park’s future. We thank our Wilson Legacy Society members for their dedication to preserving the diversity of desert life in our Park and for their foresight in providing for its future.
Create Your Nature, Art and Cultural Legacy
For many years, bequests and planned gifts have provided vital support for the Sonoran Desert at Tohono Chul Park. Today you can help continue this tradition by making a lasting commitment to Tohono Chul Park. When you join The Wilson Legacy Society, you demonstrate your belief and commitment in the future of Tohono Chul Park for generations to come. The expression of your individual values will provide inspiration to others and will have a real and lasting impact on the preservation of this desert corner in the middle of our ever-growing city.
The Wilson Legacy Society Benefits
• A personalized membership certificate;
• Invitations to exclusive receptions and special events;
• Invitation to estate planning seminars;
• Recognition of your gift, if you wish, in Park publications;
• The Tohono Chul Park’s annual report;
• Trip invitations offering participants a unique and up-close look at our work; and
• Exclusive discounts and offers.
Ways to Join The Wilson Legacy Society
Membership in The Wilson Legacy Club is open to those who wish to join the tradition of making a lasting gift. Membership is voluntary and without obligation. It is our way of recognizing a remarkable commitment to Tohono Chul Park. You can become a member of The Wilson Legacy Society by naming Tohono Chul Park in your will or estate plan or by making a life-income gift. Here are some ideas to consider:
• Wills and Bequests
You can name the Tohono Chul Park as a direct beneficiary of specific assets of a portion of your estate or of your residual estate. Examples include naming Tohono Chul Park as beneficiary of a life insurance policy, financial account or retirement plan such as an IRA, 401(k) or 403(b).
1) When using a percentage of your total estate, your gift adjusts with changes in the size of your estate. Sample bequest language for your attorney includes:
“I give (insert percentage of estate) to Tohono Chul Park, a nonprofit corporation located at 7366 North Paseo del Norte, Tucson, AZ 85704”
2) When using the residue or a percentage of the residue of your estate after your specific gifts to loved ones have been made, you may designate that the entire residue or a percentage of the remainder shall go to one or more charitable organizations. With this approach too, your gift adjusts with changes in the size of your estate. Sample bequest language for your attorney includes:
“I give the rest and residue of the property I own at my death to Tohono Chul Park, a nonprofit corporation located at 7366 North Paseo del Norte, Tucson, AZ 85704”
3) When you have a gift of a specific amount, you may specify a dollar amount to be given to one or more charitable organizations. With this kind of gift, it is especially important to keep your will or trust up-to-date. Sample bequest language for your attorney includes:
“I give (insert specific amount or asset) to Tohono Chul Park, a nonprofit corporation located at 7366 North Paseo del Norte, Tucson, AZ 85701”
• Life-Income Gifts
Establish a Tohono Chul Park charitable gift annuity, charitable remainder trust. You can use cash or appreciated assets such as stock or real estate to fund your gift.
1) Gift of Stock: If your investment portfolio includes highly appreciated, low-yielding stock or mutual funds and you’re considering a gift to Tohono Chul Park, you may want to consider a gift of stocks or mutual funds. It’s a tax-wise way to support the Park. Gifts of appreciated securities held longer than one year are exempt from capital gains and entitle the donor to a tax deduction equal to the market value of the securities at the time of transfer. To avoid exposure to capital gains tax, the stock must be transferred to Tohono Chul Park. We then sell the stock from our account, and you receive stock credit for the gift, valued at the time you transferred the stock to the Park.
2) Retirement Plans: Retirement plans can incur taxes at a high rate when passed on to heirs. Not only is the amount of the plan reduced by any estate taxes, but the recipient must pay income taxes on the plan. If you plan to make a legacy gift to Tohono Chul Park you may want to consider naming the Park as the beneficiary of your 401(k), pension or other retirement plan and leaving other assets to your family. Naming Tohono Chul Park the primary beneficiary avoids all income and estate taxes on the retirement plan. To make the designation, advise your plan administrator of your decision and complete and sign the appropriate form.
3) Life Insurance: If you have life insurance policies whose benefits you no longer need, you may want to consider naming Tohono Chul Park as the beneficiary and assigning the Park ownership of the policy. In doing so, you will receive a charitable deduction; and in removing the life insurance policy from your estate, you may reduce your estate taxes. As with any planned gift, please be sure to consult with your own financial advisor and attorney before making a gift.
4) Gifts of Real Estate: A Gift of real estate, such as a personal residence, vacation home, or even vacant land, is a creative way to support Tohono Chul Park and create significant benefits. These benefits include a charitable income tax deduction for the full fair-market value, avoidance of capital gain tax on the property’s appreciation at the time the gift is made and potentially reduced estate taxes and probate costs. A retained life estate gift allows you to give the Park your personal residence while retaining the right to live in it for your lifetime. Real estate can also be used to fund a charitable remainder trust, which will provide you with income for life or a term of years. Of course, you can also give the property outright to Tohono Chul Park, subject to the Park’s approval. As with all planned gifts, please be sure to seek the advice of your financial advisor and attorney.
5) Charitable Gift Annuity: A charitable gift annuity is a simple was to make an enduring gift to Tohono Chul Park while providing you a higher rate of return than traditional investment programs. You’ll enjoy the security of annual fixed payments and numerous tax advantages, while providing for the future of Tohono Chul Park.
How it works:
1. You make a gift of cash, securities, stock or property to Tohono Chul Park
2. Tohono Chul Park, through the Center for Planned Giving at the Community Foundation of Southern Arizona, invests the assets and pays annual fixed payments to you for life (an another beneficiary, if desired)
3. Upon death of the last beneficiary, the remaining funds are distributed to Tohono Chul Park.
6) Remainder Trusts: A charitable remainder trust lets you convert highly appreciated securities or real estate income for life or a term of years without incurring capital gains tax when the asset is sold. The appreciated asset is transferred into an irrevocable charitable remainder trust to be sold by the trustee. The proceeds are invested and you or your beneficiary (ies) receives income for life or a specified term of years. When the trust terminates the remainder will be used by Tohono Chul Park’s Board Restricted Fund. The income from this fund will benefit the Park for years to come. A charitable remainder unitrust will provide you with a set percentage of the value of the trust’s assets, which is revalued each year. A charitable remainder annuity trust provides fixed income payments which are determined when the trust is set up. The annuity trust is a good option if you wish to avoid market risk.
Your benefits include:
a. Income for life or a term of years.
b. Potential for low-yielding assets to turn into more income
c. A significant income tax deduction.
d. No capital gains tax at the time of the gift if appreciated assets are used.
e. Potentially reduced estate taxes and probate costs.
We would be pleased to discuss the possibility of Tohono Chula Park serving as trustee of your charitable remainder trust. As with all planned gifts, please be sure to ask the advice of your own financial advisor and attorney.
7) Charitable Lead Trust: Charitable lead trusts offer unique estate planning advantages. Income-producing assets such as stock or real estate are irrevocably transferred to a lead trust, which pays income to an organization such as Tohono Chul Park for a number of years. Following the terms of the trust, the property transfers back to other individuals, typically the donor’s children or grandchildren. This transfer occurs at reduced cost since any appreciation of the asset while it is in the lead trust is not taxed when transferred back. It is an excellent way to transfer assets which are expected to appreciate to your heirs. A charitable lead trust may be a good choice for individuals who face substantial estate and gift tax liability. As with any planned gift, please be sure to consult with your own financial advisor or attorney before making a gift.
Tohono Chul Park’s Tax I.D. Number
Your attorney may want the Park’s tax I.D. number. It is 86-0438592.
Regarding Legal Advice
Suggested bequest language is provided to you for your information and your attorney’s use. It is not intended as legal advice. Your Will should be prepared by a reputable attorney. We urge you to discuss your estate and tax situation with your attorney to ensure that your bequest meets your personal and financial goals. If you or your attorney requires additional information, please call, and we will be happy to assist you.
Join The Wilson Legacy Society
If you have made provisions for Tohono Chul Park in your will or living trust, you’re eligible to join our Wilson Legacy Society, which honors the philanthropic leadership and vision of individuals who have so thoughtfully provided for the future of the Park through a planned gift. By joining, you are encouraging others to do the same.
Please let us know your plans by informing Tohono Chul Park of your Legacy gift, you will help us prepare for the future and give us the chance to thank you for your generosity.
For More Information:
To learn more about The Wilson Legacy Society, or if you are already a Society member and have a question, please contact:
Director of Development
Direct Line: (520) 742-6455, ext. 243