Gifts of Life Insurance

Life insurance is another way to make a sizeable gift to St. Timothy’s. For example …

You can purchase a new policy and make St. Timothy’s the owner and beneficiary of the policy. This enables you to “leverage” your gift, ultimately making a much larger gift than otherwise possible. Contributions to St. Timothy’s to pay the ongoing premiums become tax deductible.

You can make St. Timothy’s the owner and beneficiary of an existing policy. The current value of the policy is tax deductible, as are future premium payments. You can make St. Timothy’s a contingent beneficiary of an existing policy (i.e. name St. Timothy’s to receive the proceeds of the policy) if the designated beneficiaries predecease the insured.

Also, you can use life insurance in conjunction with another planned gift. For example, you can purchase life insurance with the income received from a life income trust, thus replacing, and in some instances, surpassing, the principal removed from the estate by the gift.

If you would like to notify St. Timothy’s of a planned gift provision you have already made or would like to discuss planned giving opportunities, contact Mary Sheldahl or Mary Cole Duvall, Rector at 225-2020.