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Planned
Giving
Gifts
of Life Insurance
Mike Schlater (pictured below with his daughters) has always
understood the value a basic moral education provides as
the foundation for living a wholesome life. He has been
a regular quarterly contributor to the Sisters and recently
Mike made some estate planning changes and added the Sisters
as a beneficiary to his estate and insurance policy.
 Mike:
"My freshman Biology teacher had a great influence
on me. We were a bunch of losers, but she saw the potential
in me. I have funded a scholarship in honor of my teacher.
I have also named the Sisters of Notre Dame as a beneficiary
of my life insurance policy. I would not be the successful
businessman I am today without the encouragement of Sister
Christine Julie."
The
gift of life insurance to a charitable organization can
enable a donor to make a significant gift for a modest out-of-pocket
cost. Estate tax will be avoided since the death benefit
from the insurance will be a charitable donation.
Life
insurance may be gifted in different ways, two of which
are:
- Sisters
named as beneficiary of the policy only. In this
case the donor retains control of the policy but no income
tax deductions are allowed for the premiums.
- Sisters
named as beneficiary and owner of the policy. When
a donor irrevocably transfers ownership of the policy
to a charitable organization, the donor receives an immediate
income tax deduction for the lessor of the net premiums
paid or the fair market value of the policy. Subsequent
contributions to the Sisters to make premium payments
are also deducible as charitable gifts.
Mike:
"The peace of mind knowing I have taken appropriate
steps to help is very comforting. I know that good works
are their own reward, but I know that every little bit helps
if we want to preserve a future for our children."
As
we said earlier, there are as many ways to support the Sisters
of Notre Dame de Namur as there are needs for your support.
Please contact us should you have questions or if you would
like to discuss your personal circumstances to see how you
can enrich your heart as many others already have. The following
page has some further thoughts about joining our family
of support.
Return
to Ways to Give.
Please
note, individual financial circumstances will vary. The
information on this site does not constitute legal or tax
advice. Donor stories and photographs are for purposes of
illustration only. As with all tax and estate planning,
please consult your attorney or estate specialist. All material
is copyrighted and is for viewing purposes only. Use of
this site signifies your agreement with the terms
of use. The content in this Planned Giving section has
been developed for Sisters of Notre Dame de Namur, Ohio
Province by Future
Focus. Please report any problems to section
webmaster. Revised: February 7, 2007 10:40.
©1999-2006,
Sisters of Notre Dame de Namur, Ohio Province 701 East Columbia
Avenue, Cincinnati, OH 45215-3999 513-761-7636 | 513-761-6159
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Weaver. This page was updated: February 7, 2007 10:40
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