Making a gift through your will or retirement plan to make a significant difference for Temple Athletics is simple and does not require anything out of pocket today. Planned gifts provide Owl Club members with the ability to plan a gift now that will provide benefit in the future for Temple Athletics’ student-athletes, coaches and staff. The Owl Club welcomes all donors to ask questions to determine the planned gift that works best for them.
When you do so, you become a member of the Carnell Society. Learn about the benefits of joining the Carnell Society.
Name Temple Athletics as a beneficiary of your will or living trust (either as a residual bequest or a specific gift amount).
Name Temple Athletics as a beneficiary of your qualified retirement plan.
Donors may designate Athletics as the full or partial beneficiary of their qualified pension or retirement plan, or as a contingent beneficiary. These plans are often subject to both income and estate taxes; however, charitable designations from this plan can yield significant income and tax savings.
Naming Temple Athletics as a beneficiary of a life insurance policy is an easy and powerful way to make a substantial gift, either by utilizing an existing policy no longer needed for its original purpose, or by naming Temple as the owner and beneficiary of a new policy. Naming Temple as owner and beneficiary of a new policy entitles the donor to an income tax deduction for contributions made to pay the premiums. Contributions of an existing policy provides the donor with a deduction equal to either the cash value of the policy or the total premiums paid, whichever is less.
Based upon a contract between the donor and Temple Athletics, a gift annuity purchased from the University offers the donor, and any successor beneficiary, fixed payments for life, with the remainder passing to the University as a charitable gift. The donor’s income tax deduction and the annuity rate are based upon the ages of the named income beneficiaries, along with current IRS rates. In most cases, part of the annuity income is tax-free. Gift annuities may be funded with cash or securities. Deferred payment gift annuities defer the donor’s receipt of income until some time in the future, and are ideal gift options for younger donors. A deferred payment gift annuity may be funded with one large gift or with periodic contributions, each of which qualifies for a charitable income tax deduction.
Through use of charitable remainder trust, a donor may make a significant gift to Temple Athletics and continue to receive income payments from the transferred assets. Assets are irrevocably transferred into trust by the donor, who receives an income stream for life or a term of years. The donor may also name one or more additional income beneficiaries. At the end of the trust term, Temple will use the remaining trust assets for the purpose designated by the donor. Upon the creation of the trust, the donor is entitled to charitable income and estate tax deductions for the value of the remainder interest which will be left for Temple Athletics. Charitable remainder trusts may be funded with cash, securities or real estate.
There are two basic types of charitable remainder trust: the unitrust and the annuity trust. The amount of annual income from a unitrust is based on a fixed percentage of the trust assets, which are revalued at the beginning of each calendar year. Annual income from an annuity trust is permanently fixed at the time the trust is created, either as an absolute dollar amount or a fixed percentage of the initial value of the trust principal. Additional contributions may be made to a unitrust, but are not allowed for an annuity trust.
Many of Athletics’ supporters have made their most generous gifts through their wills. Bequests may be made in several ways:
Should you wish to take advantage of any of these opportunities, please feel free to contact our staff so we can adequately assist you.