A longtime resident of Redlands, Josephine “Jo” Tyler relished getting to know students attending the university in her hometown. Over the past decade, she especially enjoyed meeting recipients of the Josephine E. Tyler Scholarship attending University of Redlands. Now, a unique legacy gift she set up in 2010 has endowed that scholarship, providing ongoing financial aid support for students that carries on her name in perpetuity.
“Jo was passionate about education and lifelong learning,” says Laura Gallardo ’03, ’22, director of advancement communications and donor relations at the University. “I had the pleasure of introducing Jo to several U of R students who benefited from her generous support. She enjoyed hearing about their future goals, and these visits were equally inspirational for the Bulldog students who were encouraged by her investment in their Redlands experiences.”
In 2010, Jo gifted a piece of real estate to the University, which in turn, paid her income for life and provided security in her golden years. Many of those were spent at Plymouth Village, a senior living community in Redlands. The property was valued at $360,000 at the time, and her cost basis—a figure used for tax purposes—was effectively zero. If Jo had sold the property, there would have been a substantial tax bill on the capital gain at the federal and state levels combined. In addition, she was not in a position to manage a rental. The solution for Jo was a gift arrangement that provided her with significant tax savings and a stream of income that continued for the remainder of her lifetime.
“It’s wonderful that Jo and her advisor, in consultation with the University’s Advancement team, found a solution that served her financially during life while creating a meaningful, lasting legacy,” says Assistant Vice President for Advancement Tony Truong.
An avid traveler with a career in the Air Force, Jo passed away in 2020, just shy of her 100th birthday. Now, the gift she set up a decade ago has endowed the scholarship in her name for all time. The Josephine E. Tyler Endowed Scholarship Fund will support students at the U of R each year and benefit generations of Bulldogs to come!
For information on how you can make a gift of real estate in exchange for an income stream, please contact Tony Truong at (909) 748-8050 or tony_truong@redlands.edu.