LIFE INSURANCE Life insurance is a tool with many purposes – it shifts financial risk to a third party, leverages different kinds and levels of coverage, and provides liquidity for paying end of life expenses. One of the most satisfying uses for life insurance policies are connected with charitable giving! When you first bought a life insurance policy, you probably hoped to ensure the financial stability of your family or business should something happen to you. Have your circumstances changed since then? If you have a life insurance policy you no longer need, you can help Carolina Athletics meet its priorities by donating it to The Rams Club. Ways to Give Life Insurance
• Give a fully funded, in force policy.* Name the Foundation as owner and beneficiary of your fully-funded policy. The Foundation can put the cash value of the policy to use today or can hold the policy for a future benefit. • Give a partially funded, in force policy.* Name the Foundation as owner and beneficiary of a partially paid-up policy. The Foundation can put the cash value of the policy to use today or the donor can continue to pay the premiums through the Foundation to maintain the policy for a future benefit. • Take out a new policy. Name The Rams Club as the beneficiary or as the owner/beneficiary of a new whole life policy. • Name the Foundation as a beneficiary. You can retain ownership of your policy and name The Rams Club as a beneficiary of some or all of the future benefit. Further Details on Transfers of Ownership of Life Insurance Policies • Charitable Deduction: When you transfer ownership of a life insurance policy to The Rams Club, you may qualify for an income tax deduction. Additionally, subsequent premiums paid through The Rams Club are tax-deductible. Note: to substantiate a deduction when policy ownership is transferred, a Qualified Appraisal is needed for policies with values exceeding $5,000. • Premium Payments: Send premium notice and gift (sufficient to cover each premium) of cash or publicly traded securities to The Rams Club, and they will pay the premium and credit you with a gift equal to that amount. • Gift Transfer: Contact your insurance agent and request a “Change of Ownership/Beneficiary Form,” and send the completed form and policy to The Rams Club.
If you and/or your financial advisor would like more information on estate gift options or would like to learn more about estate planning strategies and the impact your gift could have on Carolina studentathletes, please contact Beth MacKethan in the Office of Gift Planning at 919.962.6628 or bmackethan@unc.edu. *Generally, The Educational Foundation and Carolina only accept gifts of whole life policies. To explore options related to policies you hold, please contact The Rams Club or Carolina’s Office of Gift Planning.
Don Williams was truly “born and bred” into Carolina. “I was blessed to be born into a family of die-hard Tar Heels,” he recalls. “Carolina athletic events have been a part of my life since I could walk. I remember my childhood heroes so well – Phil Ford, Walter Davis, Mitch Kupchak, John Kuester, Coach Smith, Don McCauley, Paul Miller, Mike Voight and, of course, Flip Ray (who used to bring me into the locker room after games).” Don took that childhood love of the Heels with him to Chapel Hill as a college student, where he graduated from UNC in 1984. He has been a consistent and generous champion for all of Carolina’s 28 sports programs since then. Don recently added an estate planning element to his giving – funding a life insurance policy that lists The Rams Club as beneficiary. The funds from the policy will add to his existing support of student-athlete scholarships and operating endowments for individual sports. “I’ve been fortunate to build a connection with so many people on campus – from student-athletes to coaches to staff,” notes Don. “I’ve seen what they do to achieve their success, and it doesn’t come easy. Each one of them has impressed me with their commitment to a high level of excellence in everything that they do. I want to make sure that future generations of student-athletes and coaches have the resources to continue that commitment. I am forever grateful to be a Tar Heel, and paying it forward seems so simple and right!” CAROLINA FOREVER
DON WILLIAMS MEMBER
RAMSCLUB.COM
P. O . B O X 24 4 6 • C H A P E L H I L L , N C 2 7515 P H : 9 19. 8 4 3 . 2 0 0 0 | R A M S C L U B @ R A M S C L U B .C O M @THER AMSCLUB