Gift of Life Insurance

Another way to pursue your philanthropic agendas and enjoy tax deductions is by bequeathing the remainder of your life insurance to San Juan Mission Capistrano after the insurance policy has finished serving its purpose.

For example, a policy that you took years ago to cover your minor children’s needs won’t be useful to them now that they are adults and financially independent. On the other hand, turning the life insurance cover into a gift is beneficial because supporting the Misssion will thrive, and you will be due for charitable income tax deductions.

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Advantages of a Gift of Life Insurance

How to bequeath your life insurance to a trust?

Making a gift of life insurance is quickly done by getting in touch with your life insurance provider and requesting a beneficiary designation form, then including the Mission of San Juan Capistrano as the recipient of the payments from the policy.

Advantages of gifting your life insurance

  • You can claim charitable income tax deductions.
  • If the Mission decides to keep paying premiums and maintain the policy to maturity, you’ll be due for extra tax deductions. At maturity, the Mission of San Juan Capistrano receives the proceeds of the policy.
  • If the Mission decides to cash in the policy, you will see your gift at work.

Are you planning to use gift vehicles in your estate planning?

With an estate planning attorney’s help, you can set up charitable trusts and gifts of annuities.

Charitable giving is a fantastic estate planning tool; these gift vehicles allow you to donate to supporting the Mission, reduce your tax burdens and receive dependable income for life.