Giving Now
Gift of Life Insurance
A gift of your life insurance could be a sensible as well as generous course of action
If you're thinking about a contribution to Maryknoll, a gift of your life insurance could be a sensible as well as generous course of action.
Life insurance is usually purchased for a variety of reasons – to provide security for loved ones, as a traditional savings plan, or as a means to provide funds needed to pay estate taxes and other estate settlements.
Often, life insurance provides an opportunity to make a substantial gift by gifting a paid-up policy no longer needed for family security. Naming Maryknoll Fathers and Brothers as the final beneficiary, primary beneficiary or contingent beneficiary are other ways to make certain that your support for the missions lives on far into the future.
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Name: |
Anna Hernandez |
| Age: |
44 |
| Situation: |
Wants to provide a meaningful gift to Maryknoll as part of her long-range financial and estate plans. |
| Gift Plan: |
Purchased a new life insurance policy as a convenient way to make a substantial gift in an affordable and tax-efficient manner. |
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Anna Hernandez decided to buy a $25,000 life insurance policy and directed that the policy proceeds would eventually be used for the Maryknoll Fathers and Brothers. Because she also named Maryknoll as policy owner, her monthly premiums of approximately $60 will entitle her to a charitable deduction on her federal income tax terturn of over $700 each year for as long as she pays the premiums. The policy proceeds will not be included in her estate for tax purposes and will pass outside the probate process. For these and other reasons, she and her advisors concluded that this is the most effective way for her to provide a meaningful gift as part of her long-range financial and estate plans.
Case Studies are composites of Maryknoll Donors. The names and images are fictional but the cases use real data and situations. Figures are for demonstrational purposes only. |
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