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Use Life Insurance to support Saint John Vianney
When you bought your life insurance policies, you felt a need for them. Perhaps you do not need all that coverage today. Yet, you may still have those policies.
A gift of your life insurance can be a sensible and generous course of action:
• You save taxes this year through an income tax charitable deduction when you make Saint John Vianney the beneficiary and owner of the policy.
• If you are still paying premiums, Saint John Vianney can make the premium payments and you can reimburse the Church and claim the premium amount as an income tax deduction.
• You reduce estate taxes because the proceeds are completely removed from your taxable estate as long as you do not retain any incidents of ownership.
Would You Rather Keep It?
We realize that if you need life insurance for your future financial security or that of a family member, those concerns come first. But there are ways you can safeguard personal priorities and still remember Saint John Vianney.
Trust accounts will not entitle you to an income tax deduction. They will allow you to use the proceeds from the policies for personal and family responsibilities as long as required and subsequently support Saint John Vianney.
Consult your legal advisor on any Estate Planning
Your advisors can help you sort through the complexity of charitable giving stratergies and help you determine effective ways to make gifts to Saint John Vianney, during your lifetime or after your death. You will be benefiting Saint John Vianney.
This is not intended to be legal advice. You are encouraged to work with your current tax advisor and legal representatives to explore in more detail the advantages and disadvantages of planned giving strategies.