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Gift Annuity Benefits Estelle Delo and UT

Estelle Delo

Estelle Delo

When making their long-term financial plans, David Delo, former president of The University of Tampa, and his wife, Estelle, naturally wished to include a gift to the university. There were many options from which they could choose, but they ultimately decided to set up a charitable gift annuity, or CGA. This type of gift allowed the Delos to make a substantial gift to the university and receive a steady stream of income for the rest of their lives.

Although David Delo passed away in 2004, Estelle continues to celebrate his life through her wonderful memories and experiences at The University of Tampa. She recognizes that through her husband's careful planning, he has provided financial security for her and ensured that UT students will realize their dreams for generations to come.

The Delos established their CGA a number of years ago, but with today's uncertain economy, this type of giving vehicle is even more appealing. The idea of fixed and stable income may seem impossible to those watching their investments fluctuate wildly, but establishing a CGA really can provide some peace of mind. An 80-year-old UT alumna, for example, could receive a 7.5 percent return—ensured for the rest of her life—while also making a generous gift to her alma mater.

How a CGA Could Work for You
Like the Delos, you can set up a charitable gift annuity with a simple contract between you and The University of Tampa. You make a donation and we, in turn, agree to pay you a fixed amount each year for the rest of your life. The rate of payment you receive doesn't fluctuate with the stock market, interest rates or inflation. It is firmly set at the time of your gift and never changes. After your lifetime, the remaining balance will be used to ensure that future UT students have the same amazing experience you remember.

What Are the Benefits of a CGA?

You can potentially increase your disposable income.
You will receive an income tax deduction on a portion of your gift.
A portion of the payments you receive are income tax-free throughout your estimated life expectancy.
If you use stocks to make your gift, long-term capital gains income can be spread out over several years in most cases.
After your lifetime, the remainder of your gift will benefit the students at the University of Tampa, ensuring they have the same great educational experiences that you did.

Interested in setting up a charitable gift annuity? Feel free to contact The Office of Planned Giving at 813-258-7373 or with any questions you might have and to discuss the payment rate you could receive.

Delay Your Payments Until You Need Them Most
If you don't need your payments today, you can set up a deferred gift annuity. This allows you to delay receiving payments until a later date—such as when you reach retirement. You make the contribution to us now, securing a larger current income tax charitable deduction, and we agree to pay you fixed payments for life starting at any date you select, usually five or 10 years from now. This is especially advantageous if your tax bracket is higher now than it possibly will be later when you retire. Another advantage is the payment rate will be considerably higher when the payments begin.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Tampa a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

The official legal bequest language for The University of Tampa is: "I, [name], of [city, state, ZIP], give, devise and bequeath to The University of Tampa [written amount or percentage of the estate or description of property] for its unrestricted use and purpose." 

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The University of Tampa or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The University of Tampa as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The University of Tampa as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and The University of Tampa where you agree to make a gift to The University of Tampa and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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