As circumstances change in life, a donor oftentimes explores additional ways to make charitable gifts to Father Lopez Catholic High School. Some giving strategies not only benefit the school, they can also benefit the donor and the donor's loved ones. These giving techniques are called "deferred planned gifts". The gift of life insurance is one means of increasing a donor's ability to make a significant gift to the school without drawing funds from the donor's estate.
Listed below are three techniques illustrating how life insurance benefits can be given to Father Lopez Catholic High School. For additional assistance, please contact Development Director Heather Voges '02 Welch at (386) 492-5085.
- The donor can make Father Lopez the beneficiary of an existing life insurance policy. While there are no current tax benefits to this approach, the value of the policy will be removed from the donor's estate for federal estate tax purposes.
- The donor can make Father Lopez the owner and beneficiary of an existing life insurance policy. This technique transfers full ownership of the policy to Father Lopez. In addition to removing the value of the policy from the donor's estate for federal estate tax purposes, this approach also provides the donor with current federal income tax deductions on premiums paid (after income tax deductions).
- The donor can help Father Lopez purchase a new life insurance policy on the donor that names the school as the owner and the beneficiary. Under this strategy, the donor arranges to pay the premiums through gifts to Father Lopez. This approach provides federal income tax deductions, and policy proceeds are not included in the donor's estate for federal estate tax purposes.