Life Insurance

If you have modest resources and yet wish to make a major gift, consider a gift of life insurance. 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:

• Name the Sisters of the Holy Cross as beneficiary of your existing policy.
  
• Purchase a new policy with the Sisters of the Holy Cross, Inc. named as beneficiary.

Ownership of the policy also can 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.