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Using life insurance to make a major gift
is an option for donors who no longer need policies purchased some
years ago. Donors may choose to assign their policies irrevocably
to Saint Clare’s Foundation. Here they would realize
an immediate tax deduction in the amount of the policy’s current
value. The proceeds would not be subject to estate taxes and the
premiums would be deductible for income tax purposes in the years
thereafter in which they are paid. Gifts of life insurance are not
counted toward the campaign goal unless the donor is a minimum of
sixty years of age.
For more information about making a gift of life insurance, please call: (973) 983-5300.
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