A life insurance policy may be attractive because it affords you the opportunity to make a gift at a sizeable face value value for a minimal outlay of cash. You may give an existing policy, either fully paid or partially paid, or a new policy. Similar to the retirement plan designation, the proposed gift to Good Shepherd Congregation a portion of, or all, the proceeds from the policy. You are entitled to a charitable income tax deduction equal to the cash surrender value of the property and any future premiums paid only if the parish is named as the owner and beneficiary of the policy. Your insurance agent or financial planner can help you make the correct ownership and beneficiary changes.
*The information we have provided above is for estate planning purposes and is not meant to be legal or tax advice. If you have any questions please do not hesitate to consult your financial planner or estate attorney.