Back

Wills & Wine Event Wednesday, September 17th at 6:00 PM

How to Give

Life Insurance Beneficiary Gift

Print Page

Use Life Insurance to Make a Gift to St. Patrick -- St. Anthony Parish Legacy Fund

A life insurance policy can be a versatile and effective asset for making a significant charitable gift to St. Patrick -- St. Anthony Parish Legacy Fund. There are two basic ways insurance can be used to help support St. Patrick -- St. Anthony Parish, and each offers different benefits to you.

Option 1: Make St. Patrick -- St. Anthony Parish Legacy Fund the beneficiary of the policy

This option allows you to:

  • Create a meaningful legacy at St. Patrick -- St. Anthony Parish Legacy Fund
  • Reduce the size of your taxable estate
  • Retain the flexibility to change your mind

Option 2: Make St. Patrick -- St. Anthony Parish Legacy Fund the owner and beneficiary of an existing policy

This option allows you to:

  • Make an irrevocable gift to St. Patrick -- St. Anthony Parish Legacy Fund today with little or no impact on your current cash flow
  • Receive a charitable tax deduction for a portion of your gift

In addition, if premiums remain to be paid on the policy, a charitable deduction is allowed for each gift you make to St. Patrick -- St. Anthony Parish to cover the premiums.

Planning Tips

  • To make St. Patrick -- St. Anthony Parish Legacy Fund a beneficiary of, or owner and beneficiary of, your life insurance policy, simply contact your insurer and complete the required form. You may need to provide the following information:
    • Legal name: Catholic Foundation of West Michigan
    • Tax ID number: 38-3298981
    • Address: c/o Catholic Foundation of West Michigan 360 Division Avenue S., Grand Rapids, MI 49503
  • It's also possible to use a charitable donation to buy a new policy to benefit St. Patrick -- St. Anthony Parish. Contact us early in your planning if you'd like to pursue this option so we can work with you on this process.
  • If you are considering designating your gift for a specific purpose, such as a scholarship fund or support for a specific department, contact us to ensure that we understand your wishes.
  • Before finalizing a gift of life insurance, review your other assets (such as appreciated stock or IRA accounts) to make sure this is the savviest way for you to reach your goals.
Print Page

© Planned Giving Marketing. This document is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.

St. Patrick -- St. Anthony Parish Legacy Fund | c/o Catholic Foundation of West Michigan 360 Division Avenue S. | treid@cfwmi.org

Copyright © St. Patrick -- St. Anthony Parish Legacy Fund and Planned Giving Marketing.

This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.