 Life insurance gifts will allow you to open a sizable endowment or make a sizable donation to an existing endowment with The Catholic Foundation of Southwestern Indiana at a relatively low cost. To open or add to an endowment fund using life insurance, contact your life insurance agent and inform your agent that you wish to open a new policy or change the beneficiary of an existing one. Contact The Catholic Foundation of Southwestern Indiana for assistance in ensuring that the proper legal name is shown for the beneficiary - such as the St. Anthony Endowment Fund (St. Anthony, Indiana) with The Catholic Foundation of Southwestern Indiana, Inc. Deliver and assign ownership of the policy to The Foundation. When you pay the annual or monthly premium, you may then be entitled to deduct the amount of the premium from your income taxes, if you itemize. You may also designate an endowment fund with The Catholic Foundation as the primary, secondary, remainder, or residual beneficiary of a policy. There are a variety of policy options available.  Another way to use life insurance is through a vehicle called wealth replacement insurance. When you make an outright gift to The Catholic Foundation to set up an endowment fund or to add to an existing endowment fund, you may use a life insurance trust to replace the value of the donated gift. This action will protect your heirs while fulfilling your wishes to help your parish or other Catholic organization. The life insurance provides a specific dollar amount to fulfill your charitable wishes, while removing the proceeds from your estate for tax purposes. This is done through a trust. You can use the tax savings from your gift to cover the policy’s premium. Upon your death, the proceeds from the replacement insurance will pass to the trust, free of estate taxes. The result is that tax-free proceeds replace the value of your charitable gift. As with regular insurance policies, a wealth replacement life insurance trust can be set up in several ways. We suggest you contact your insurance advisor or The Catholic Foundation of Southwestern Indiana for more information.
|
 |
 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||