Development Office

The Foundation of the Roman Catholic Diocese of Buffalo

LIFE INSURANCE

A GIFT THAT PLANS FOR THE FUTURE.

There are several ways to donate an insurance policy to the Diocese, your parish or school. One way is to make the parish the owner of a new policy. You, in turn, donate to the parish, on a timely basis, the amount of the premium payments. The parish makes the premium payments. Thus, your contributions for the payments may be tax deductible. This method allows you to make a gift with significant impact by using an "installment plan."

Another way is that you name the Diocese, your parish or school to receive all, or a portion of the proceeds of a policy. You can do this through a current policy, naming the Diocese, church or school as primary beneficiary or as an additional beneficiary of a policy.

One great advantage of a gift of life insurance is that you can provide a much larger financial gift to the parish or the school than you could donate outright. This is particularly helpful to young families who would like to do more but are otherwise financially committed.

EXAMPLE

The owner of a printing company purchased a $50,000 life insurance policy in 1975. He and his wife have already provided for their children with other assets.

Because their children no longer need the proceeds of the insurance policy, they have decided to change the beneficiaries. A gift of $30,000 will be given to the Foundation of the Roman Catholic Diocese of Buffalo to establish an endowment for parish school scholarships. The remaining $20,000 will be divided among their grandchildren.

The Foundation of the Roman Catholic Diocese of Buffalo does not provide advice on tax legal matters. Because state and federal laws govern many types of planned-giving, you should obtain the services of an attorney, accountant or other professional tax advisor.