Gifts by Will | Life Insurance | Retirement Plans | Charitable Trusts
Life Insurance can be a valuable—and sensible—way to make a legacy gift. Many life insurance policies have outlived their original purpose to provide financial security for a dependent spouse or children. If this is the case, there are several ways life insurance can serve as the basis of a charitable gift.
Name the St. Louis Arc as a Beneficiary of Your Policy
Naming a charitable organization like the St. Louis Arc as the beneficiary or contingent beneficiary of a policy you currently own can be a simple way to benefit the work that we do. Simply submit a “change of beneficiary form” to your insurance company listing the St. Louis Arc, 1177 N. Warson Road, St. Louis, MO, 63132 (Tax ID #43-0718811), as the primary or contingent beneficiary of the policy. When proceeds are disbursed after your death, the amount will be deductible from your estate for tax purposes.
Transfer Ownership of an Existing Policy or Purchase a New Policy for the St. Louis Arc
You can create a legacy gift with even greater benefits by making the St. Louis Arc both owner and beneficiary of a current or new policy. The tax benefits vary depending on whether the policy is “paid up” or if it requires additional premium payments. If you pay premiums each year on the policy or donate to the St. Louis Arc so that premiums can be paid, the amount is tax-deductible as a charitable donation—and the St. Louis Arc will realize a much greater gift than you may otherwise be able to give.
Use Life Insurance to Replace Assets for Your Heirs
Another option is to give assets to the St. Louis Arc that you would otherwise bequeath to your heirs, and then replace the value of those assets via life insurance. You would receive an income tax deduction now—possibly providing savings with which you could purchase the life insurance policy. You get the satisfaction of giving now, but your heirs still realize the same benefits.
If you plan to or already have included a legacy gift to the St. Louis Arc in your estate planning, please let us know by emailing our Advancement Office or by calling 314-817-2240 so that we may acknowledge your generosity.
This information is not intended as legal, estate, or tax planning advice. Please consult your professional legal and financial advisors for complete information.
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