If you're thinking about a contribution to Maryknoll Lay Missioners, a gift of your life insurance could be a sensible as well as generous course of action.
Life insurance is usually purchased for a variety of reasons – to provide security for loved ones, as a traditional savings plan, or as a means to provide funds needed to pay estate taxes and other estate settlements.
Often, life insurance provides an opportunity to make a substantial gift by gifting a paid-up policy no longer needed for family security. Naming Maryknoll Lay Missioners as the final beneficiary, primary beneficiary or contingent beneficiary are other ways to make certain that your support for the missions lives on far into the future.
| Case Study | |
| Situation | You want to provide a meaningful gift to Maryknoll Lay Missioners as part of your long-range financial and estate plans. |
| Gift Plan Solution | You purchased a new life insurance policy as a convenient way to make a substantial gift in an affordable and tax-efficient |
| For Example | Let’s say you decided to buy a $25,000 life insurance policy and directed that the policy proceeds would eventually be used for the Maryknoll Lay Missioners. Because you also named Maryknoll Lay Missioners as policy owner, your monthly premiums of approximately $60 will entitle you to a charitable deduction on your federal income tax return of over $700 each year, for as long as you pay the premiums. The policy proceeds will not be included in your estate for tax purposes and will pass outside the probate process |
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