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If you are considering a contribution to us, a gift of life insurance could be a sensible as well as generous course of action. By naming the Catholic Community Foundation the beneficiary and assigning us ownership, you receive an income tax charitable deduction. If you make the gift and continue paying the premiums, you can claim the premium amount as an annual tax deduction. The proceeds are completely removed from your taxable estate so long as you do not retain any incidents of ownership. Another option is to name us as the contingent beneficiary in the event your primary beneficiary predeceases you.
You may use either of these easy options to make a gift of life insurance:
- Designate CCF as beneficiary of your life insurance policy by requesting a new Beneficiary Designation Form from your insurer. On the form, name the “Catholic Community Foundation in the Archdiocese of Saint Paul and Minneapolis” as beneficiary and return the form to your insurer.
- Make CCF the owner of a new life insurance policy or transfer ownership of a current policy to CCF. If you choose to make the Catholic Community Foundation owner of a policy on your life, certain charitable tax deductions are available to you, depending on the type of policy and the premiums due, if any, on the policy. You can make arrangements to pay any premiums remaining due on the policy either directly to the insurance company or through the Foundation. Talk to our planned giving staff for details.
For more information or questions - Contact Us.
IMPORTANT: When making a planned gift (such as bequests, life insurance, retirement plans), please contact us whenever you choose to name CCF as a beneficiary so that we can ensure your charitable intention is fulfilled.
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