Adding St. Raymond’s Society as a beneficiary to your life insurance policy is a simple and convenient way to help our mission.
After death, assets typically go to loved ones, the government or a charity. If your estate is taxable and your loved ones are the only beneficiaries, the government may consume a great deal of your estate. You may minimize this impact by adding St. Raymond’s Society as a primary beneficiary.
Selling your real estate investments may expose you to capital gains tax. By donating property to St. Raymond’s Society, you could eliminate this tax and receive a charitable deduction. Talk with your financial advisor or tax professional on how this could fit into your charitable giving plan.
When giving through a life insurance policy, you can designate St. Raymond’s Society as a beneficiary or as an owner and beneficiary.
When St. Raymond’s Society is a beneficiary of your policy, you still own the policy. For example, if your life insurance is a whole life policy, you will still be able to use the policy for your needs such as borrowing on or cashing in the policy. Your decision can be altered, and your estate will receive a tax deduction at the time of the ultimate gift.
When St. Raymond’s Society is the owner and beneficiary, you make an irrevocable decision for St. Raymond’s Society to own the policy. You will receive a tax deduction for your premiums paid, depending on whether the policy is paid up or not.
If you do choose to help in this way, please contact us so we can make note and be aware of your intentions with this part of your financial plan. You can reach us at info@srshelp.org or 573-777-1498.
For more details, contact your financial advisor, legal advisor and/or life insurance agent.
