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A gift of life insurance
Often life insurance allows donors to make a much larger gift to the Archdiocese of New York than they could with a gift of another asset. A donor's charitable income-tax deduction is approximately equal to the policy's cash value. A charitable pledge equal to the face amount of the life insurance policy can be fulfilled through either a single gift that represents a fraction of the total pledge or on the "installment plan" through annual premiums. If the Archdiocese of New York is named as the beneficiary and the owner, the policy is not included in the donor's taxable estate. If premiums are still due on a policy, future premium payments are tax-deductible and may be paid to the Archdiocese of New York, provided the policy is owned by the Archdiocese of New York. A donor may also name the Archdiocese of New York as a successor beneficiary to receive the proceeds in the event the primary beneficiary or beneficiaries are no longer living. Should the proceeds be paid to the Archdiocese of New York, the donor's estate will be allowed a charitable estate-tax deduction. Fully paid policies are particularly welcome.
For more information on gifts that benefit your heirs as well as the causes in which you most believe, call 212-371-1011 ext. 3317. Or e-mail gift.planning@archny.org
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