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If
you're thinking about making a gift to Cardinal Glennon, your life insurance
could be the most sensible way to make that gift. Consider the following
benefits:
It might be an asset no longer needed.
Many life insurance policies have outlived their original purpose, assuring
the financial security of your spouse or children. Yet it would be of
great value for the children at Cardinal Glennon Children's Medical Center.
You may receive a tax deduction.
By naming Cardinal Glennon as beneficiary and assigning ownership of the
policy to the hospital, you can secure a valuable income tax charitable
deduction.
Assuming you itemize your deductions, your gift is deductible up to 50% of
your adjusted gross income, with a five-year carryover for any excess.
Your income is not decreased.
A gift of an insurance policy won't reduce your current income.
Your cash flow may increase.
If you stop paying the policy premiums you'll enjoy an increase in available
cash. If you choose to continue paying the premiums on a policy you
contribute to us, you may claim the premium amount as an annual tax
deduction.
Your gift is easily and inexpensively arranged.
You can transfer ownership of an insurance policy to us without the legal
expense of preparing a will or codicil.
You are giving us helpful options.
If the policy has a cash surrender value, we may cash it, borrow against it
for our current needs, or convert it to a paid-up-policy if necessary.
Here are two other interesting ideas: If you would rather keep your
policies, consider making Cardinal Glennon Children's Medical Center the
contingent beneficiary of your insurance (e.g. if the primary beneficiary is
deceased, the remaining funds will support Glennon.) Or, make Glennon
the partial beneficiary of your insurance, e.g. 10%!
To name us as beneficiary
Simply request a "change in beneficiary form" from your insurance
company, and write "Cardinal Glennon Children's Medical Center, 1465 South Grand
Boulevard, Saint Louis, Missouri 63104" as the beneficiary. Let us know so
we can issue you a charitable tax donation letter and acknowledge your
generosity.
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