Do you have "old insurance" around the house?
Many people have life insurance policies purchased to protect young children who have long since grown up and left home. Policies with a cash value often remain in force, even though they have outlived their usefulness.
Such a policy can help St. Catherine’s in one of two different ways. Given ownership of the policy, the School can redeem it for an amount close to its cash value. OR if made beneficiary, the School may hold the policy to receive the ultimate death benefit, assuming any required premiums are paid in the interim.
Making St. Catherine’s beneficiary of any type of life insurance policy will qualify one for membership in The Arcade Society. Making the School owner of a cash value policy may entitle you to a charitable deduction. Please see an attorney for advice about your particular case.
* You can deduct premium payments for insurance policies if the School is both the policy owner and beneficiary.
This website presents general information only and should not construed as legal financial, accounting, or other professional advice. Please seek professional assistance to determine how any giving approach discussed here might impact your situation.