| Fully
Paid Policy:
A policy without any further premium payments due may be donated to the
School Sisters of Notre Dame (SSND). Generally, the cash surrender value
of the policy can be taken as a tax deduction at the time of the gift
up to 50% of your adjusted gross income, with excess deductions carrying
forward to offset income for up to five years. After your death, the full
face value of the policy will go to SSND.
A New Policy:
An insurance policy may be purchased for the purpose of making a charitable
gift. The School Sisters of Notre Dame is named as the owner and beneficiary
of the policy. You receive a tax deduction for the premiums you pay. Again,
after your death the full face value of the policy will benefit our ongoing
ministries. By making a relatively small periodic premium payment, you
are able to provide SSND with a larger sum of money after your life.
A Partially Paid Policy:
When the School Sisters of Notre Dame is named as the owner and beneficiary
on an existing life insurance policy, you receive a current tax deduction
for the cash surrender value of the policy and a tax deduction for the
premiums as they are paid. The amount deductible in any year is limited
to 50 % of your adjusted gross income. Amounts not currently deductible
may be used for up to 5 years. The School Sisters of Notre Dame receives
the face value of the policy after the death of the insured party.
A Policy to Replace a Current Gift:
Sometimes making a cash gift to charity is preferable so that you receive
a larger current tax deduction and the charity receives the funds sooner.
A life insurance may be purchased with a face amount equal to the charitable
gift so that the money is replaced in the estate and available to heirs.
Additional Beneficiary:
The School Sisters of Notre Dame can be named as a secondary or final
beneficiary on a life insurance policy. This means if the first or other
beneficiaries predecease you, SSND becomes the beneficiary. Because the
gift is not definite, there is no income tax deduction. However, any funds
that go to charity are exempt from federal estate taxes.
For More
Information Call, Write, or Email:
School Sisters of Notre Dame
Planned Giving Office
13105 Watertown Plank Road
Elm Grove, WI 53122-2291
Phone: (262) 787-1034 Fax: (262) 207-0050
Email: ssndpg@ssnd-milw.org
This is
not intended as legal advice; for that, consult your attorney or tax advisor. |
