Life Insurance
Consider a gift of life insurance, if you have modest resources and yet
wish to make a major gift. There are many ways this can be done with
varying tax consequences. Be sure to discuss the options with your
insurance and financial advisors. Examples include:
1. Name the Sisters of the Holy Cross as beneficiary of your existing
policy.
2. Purchase a new policy with the Sisters of the Holy Cross, Inc. named
as beneficiary.
Ownership of the policy can also be transferred to the sisters while
you continue to pay the premiums or make cash donations each year to cover
the cost of the premiums. These payments can be tax deductible as
charitable contributions. Again, state regulations and tax consequences
are important to consider before making such a gift.
Be sure to discuss the options with your insurance and financial
advisors.
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