Legacy Planning: Have You “Insured” Our Parish?
Posted on December 28, 2021
- Name our parish as a beneficiary of the policy. Simply update your beneficiary designation form with your policy holder and list the primary or contingent beneficiary as: “Our Lady of the Wayside, The Catholic Bishop of Chicago, a Corporation Sole”
- Make an outright gift of an existing policy. You can irrevocably name our parish as owner and beneficiary of a policy with accumulated cash value that you and your family no longer need. You qualify for a federal income tax charitable deduction when you itemize on your taxes. Also, if you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift, if you itemize.
For more information on making a gift of life insurance to our parish, we recommend you consult with your financial planner. Please contact our Parish Office with questions at (847) 253-5353.
Tags: #giving, #legacyplanning, #lifeinsurance, #olwparish