Gifts from life insurance
Gifts through contracts: Life insurance
Life Insurance: Changing beneficiary designations or ownership of a life insurance policy is easy and costs nothing. Often a donor can simply download a form from the insurance company’s website, fill in the name of the charity as a beneficiary, and send it back.
A donor can easily make TMI a beneficiary of a life insurance policy (or one of the beneficiaries) or make TMI the owner of a paid-up whole life policy (and receive a tax deduction for this gift).
Example: Ginny owns a paid up insurance policy she bought when she was 25, with a death benefit of $50,000 and a current cash value of $45,000. She long since finished making premium payments on the policy, and no longer needs it. She can give the policy to TMI and receive a tax deduction for roughly the $45,000 cash value.
Example: Pete has a life insurance policy with a $100,000 death benefit. His children are the primary beneficiaries, and he wants them to benefit from the policy, but he also wants to leave a legacy. Thus, he designates TMI as a 10% beneficiary of the policy, guaranteeing a $10,000 gift at his death.
A donor can easily make TMI a beneficiary of a life insurance policy (or one of the beneficiaries) or make TMI the owner of a paid-up whole life policy (and receive a tax deduction for this gift).
Example: Ginny owns a paid up insurance policy she bought when she was 25, with a death benefit of $50,000 and a current cash value of $45,000. She long since finished making premium payments on the policy, and no longer needs it. She can give the policy to TMI and receive a tax deduction for roughly the $45,000 cash value.
Example: Pete has a life insurance policy with a $100,000 death benefit. His children are the primary beneficiaries, and he wants them to benefit from the policy, but he also wants to leave a legacy. Thus, he designates TMI as a 10% beneficiary of the policy, guaranteeing a $10,000 gift at his death.
Have Questions?
For more information on ways to give to TMI or to find out how you can submit your gift to TMI, please contact our Advancement Department, at advancement@tmi-sa.org.
Please remember that when making a financial decision, you should always seek the opinion of your professional tax adviser or legal counsel.
MISSION: TMI provides an exceptional education with values based on the teachings of Jesus Christ that challenge motivated students to develop their full potential in service and leadership.
NOTICE OF NONDISCRIMINATORY POLICY AS TO STUDENTS
TMI Episcopal admits students of any race, color, national and ethnic origin, sex, religion, and physical ability to all the rights, privileges, programs, and activities generally accorded or made available to students at the school. The school does not discriminate on the basis of race, color, national and ethnic origin, sex, religion, and physical ability in administration of its educational policies, admissions policies, scholarship and financial aid programs, and athletic and other school-administered programs.
TMI Episcopal
20955 W. Tejas Trail
San Antonio TX 78257
phone (210) 698-7171
fax (210) 698-0715
20955 W. Tejas Trail
San Antonio TX 78257
phone (210) 698-7171
fax (210) 698-0715