There are a variety of ways to give life insurance—each with its own set of advantages.
Choose what’s right for your specific financial situation and charitable interests.
WAYS TO GIVE LIFE INSURANCE
- Give a new contract. By making Mt Pleasant Lutheran Church Endowment Fund owner and beneficiary of a new life insurance contract, you can take a charitable deduction for ongoing premium payments as you make them. While most choose to pay premiums in cash, you can also use appreciated stock to pay premiums and bypass the capital gains associated with the asset. This further reduces the ultimate cost of your gift of life insurance.
- Give an existing contract. If you have an existing life insurance contract you no longer need, you can change the owner and beneficiary to the Mt Pleasant Lutheran Church Endowment Fund. You will receive a charitable tax deduction for the value of the contract, plus you can take a charitable deduction for any additional premiums you pay.
- Name the Mt Pleasant Endowment Fund as beneficiary. You can name the Pleasant Lutheran Church Endowment Fund as beneficiary of a life insurance contract and designate all or a portion of the proceeds, depending upon your wishes. While you can’t take a charitable deduction for the premiums you pay, the proceeds directed to charity provide an estate tax deduction. Should your needs or interests change down the road, you can change the beneficiary designation of your life insurance contract.
PRIMARY BENEFITS OF GIVING LIFE INSURANCE TO MT. PLEASANT ENDOWMENT FUND
- It’s economical. Most people can give substantially more because the premium will purchase a much larger ultimate benefit than most donors can afford to give. If the owner of the policy is a charity, the premiums paid on the policy are tax deductible to those who itemize their deductions. This makes the gift even more affordable.
- Zero income tax or estate tax paid by Mt. Pleasant Lutheran Church Endowment Fund.
- Charitable income tax deduction.
FOR MORE INFORMATION about the Mt. Pleasant Lutheran Church Endowment Fund, please contact: MPLC member and Endowment Fund Treasurer, Dave Zuelke email@example.com or call the church office at 262-634-6704; or MPLC Member and Financial Advisor, Ryan VanDeLoo at 414-688-7265 or email firstname.lastname@example.org