Charitable Insurance Policy
Thank you for considering a gift to the Conventual Franciscan Friars of the Province of Our Lady of Consolation via your Life Insurance.
Life insurance can be an effective and convenient asset to give to the Friars. There are various methods for making life insurance donations; each method has unique advantages.
Naming the Friars as Beneficiary
Naming the Friars as the beneficiary of a specific percentage of the policy’s face value along with other beneficiaries including your loved ones, is the simplest way to provide the Friars with proceeds from your policy. It may reduce your Federal estate or state inheritance taxes by the amount of the donated portion.
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Policy donations provide a great benefit to the Friars when they receive the entire face amount of the policy, while providing you a way to greatly reduce your taxable estate, and the cost to you is the premium paid to date on the policy. Future premiums paid after the date of the gift may be deductible as well. There is also no limit on the size of the policy that may be donated.
- Legal Entity for the friars: Province of Our Lady of Consolation, Inc
A Real World Example…
Luanne Carlson named the friars as a beneficiary of her Life Insurance Policy. Luanne will maintain her assets and planned a legacy of making a difference for years to come by choosing to support the ministries of the friars once she has passed on to eternal life.
In order to promptly and accurately credit a gift via a Life Insurance Policy to the appropriate donor, it is essential that the transfer instructions include the donor’s name and address. Without this information, we are occasionally unable to send you the correct charitable gift receipt.
As soon as a gift is received and matched to a donor, the Mission Advancement Office sends an acknowledgment letter stating the nature of the gift, the gift valuation date, and the gift valuation amount and a clarification statement indicating no goods or services were exchanged for the gift.
Please note: The Province of Our Lady of Consolation, is a tax exempt 501(c)(3) organization (EIN # 35-6019627) and does not provide tax, legal, or financial advice. Any document or information shared by our staff is intended to be educational. We strongly encourage donors to seek counsel from their own legal and financial advisors.