A Benefit To You And Our Community
Many individuals have expressed special interest in the future of Saint Basil Academy. Now, more than ever, Saint Basil Academy depends on individual donations to carry out its mission.
Did you know that your contributions could provide lasting support, while benefitting you and your family? Through the tax code, our government encourages charitable giving by providing tax saving incentives designed to reward philanthropy.
Charitable gifts of life insurance usually avoid/reduce estate and gift taxes and the death benefit is generally many times the amount of the premiums.
- Gifting an old policy to a charity
- Gifting insurance policy dividends to charity
- Changing a life policy beneficiary to a favorite charity
- Buying a new life insurance policy for the charity
- Buying a life insurance to finance a pledge of future donation to a charity
Life insurance is an affordable way to make substantial charitable gifts, and can be used in a variety of ways to meet your charitable objectives. Typically a donor applies for a permanent life insurance policy on his or her own life and names the charity both owner and beneficiary of the policy. Since the charity is the owner, the donor's annual gift of the premium payment is tax deductible. Here are a few of the benefits:
- Give A Larger Donation - The death benefit of a life insurance policy is a much larger amount than the premiums paid, so ultimately, you can give more to the charity.
- Access Cash Values - A charity-owned policy allows the organization to access and use cash values accumulated in the donated policy as needed
- Share Tax Benefits - With proper ownership arrangements, the life insurance death benefit is not subject to estate tax or income tax. Charities receive proceeds on a tax-free basis upon the donor's death or when the policy matures
- Avoid Probate - Death benefits are transferred without the delay and cost of probate court
Philanthropy is as individual as each of us are. Charitable gift planning should suit each donor's needs for being charitable today as well as in the future; for helping the community as well as taking care of loved ones; and for addressing financial, tax, and estate planning, as well as fulfilling philanthropic commitments. Your most humble gift is always appreciated.
Provided by: Northwestern Financial Network
* Saint Basil Academy is a 501c3 entity
** All donations are tax deductible to the extent followed by law