Naming the Catholic Community Fund (CCF) as a beneficiary to your life insurance policy has many financial benefits and will allow you to make a significant and generous gift to the ministries you care about. While earning income tax charitable deductions, there are two primary ways to make a gift of life insurance:
- Designate CCF as beneficiary of your life insurance policy by requesting a new Beneficiary Designation Form from your insurer. On the form, name the “Catholic Community Fund of the Archdiocese of Boston” as beneficiary and return the form to your insurer.
- Make CCF the owner of a new life insurance policy or transfer ownership of a current policy to CCF. If you choose to make the Catholic Community Fund owner of a policy on your life insurance, certain charitable tax deductions are available to you depending on the type of policy and the premiums due, if any, on the policy. You can make arrangements to pay any premiums remaining due on the policy either directly to the insurance company or through the Foundation.
Through gifts of real estate—a home, alternative property, or plot of land—you have the ability to make a large gift to a Catholic entity that has served you or inspired you in life. Often, the impact and magnitude of a real estate gift goes far beyond what the donor ever thought they would be able to give.
Donors have the option to set up a “Retained Life Estate” through which they transfer ownership of their home to the Catholic Community Fund but retain the right to live and use their home for the rest of their lifetime. There are many other benefits to giving real estate that include:
- You may obtain a charitable tax deduction equal to the property’s full fair market value instead of the lower cost basis
- You avoid capital gains tax on the property’s appreciation
- The transfer is not subject to the gift tax, and it reduces your taxable estate
- You avoid the unpleasant hassle of selling the property and can enjoy a peace of mind
- Your real property gift will free cash that otherwise would have been used to pay taxes and upkeep
It is easy to make a gift to the Catholic Community Fund (CCF) through almost any personal retirement savings account, including Individual Retirement Accounts and qualified pension and profit-sharing plans. Simply send a new beneficiary designation to the plan administrator naming the “Catholic Community Fund of the Archdiocese of Boston” as the beneficiary.
We also encourage you to consider naming the CCF as a beneficiary of residual amounts that remain in a retirement plan following death. This is a very simple way to make a planned gift and can result in substantial tax savings to your estate and your heirs.
Please contact Lisa Lipsett for more information.