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Gifts
of Life Insurance Make a significant impact for the ministries of the ELCA
You want to make a substantial gift to the
church, but aren't sure how to do it. You may think that making a large gift is
something only wealthy people can afford. Or perhaps at this stage in your life you
have family obligations that prevent you from making a major gift to your favorite
ministries.
There is a creative way to make a large gift
whether or not you are a person of means: a gift of life insurance.
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Ways to remember
your favorite ministries through a gift of life insurance.
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Change the beneficiary on an existing
policy. Simply call your life insurance representative or the insurance
company and ask for a change of beneficiary form. There is no cost to change
beneficiaries.
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Transfer ownership of your cash value
life insurance policy to the ELCA. You will receive a charitable income tax
deduction for making the gift. For any additional premiums paid towards the policy
you would receive a charitable income tax deduction that you could use if you itemize
deductions.
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Establish a new charitable life
insurance policy. You will receive a charitable income tax deduction each
time a gift is made to support the policy.
While the concepts given here are the most
commonly used methods of giving, there are additional ways to give using life insurance.
Contact the ELCA Foundation or your
Foundation Regional Gift Planner to discuss
how life insurance might help you meet your charitable goals.
The examples
and information on this page are for illustrative and educational
purposes only and should not be considered tax or legal advice. Please
consult with your tax or legal advisor before proceeding with
your
estate plan.
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