Make a Difference Today for Tomorrow
Other than a Charitable Bequest (by your will if you have one) -
Through a gift of life insurance, you can make a substantial future gift to a charity at an affordable cost.
How It Works:
There are several ways to make a gift of life insurance:
* If you have a life insurance policy you no longer need, you can contribute it to a charity by naming the charity as the policy owner and beneficiary. You receive an immediate charitable income tax deduction equal to the cash value of the policy. If you choose to give the charity money to pay future premium payments, those cash donations are also eligible for a charitable income tax deduction. At death, the life insurance proceeds are not included in your estate for federal estate tax purposes.
* Alternatively, you can purchase a new insurance policy on your life, name the charity as owner and beneficiary, and arrange to make cash donations to the charity for premium payment purposes. Those cash donations to the charity for premium payments are then deductible on your income tax return. At death, the life insurance proceeds are not included in your estate for federal estate tax purposes.
* Finally, you can simply name a charity the beneficiary of a life insurance policy you continue to own. In this instance, there is no charitable income tax deduction available, but the proceeds of the policy at your death will not be included in your estate for federal
estate tax purposes
Life Insurance is a practical and affordable way for you to do more than you may have thought possible. "Deferred Legacy Gifts" of $5,000, $10,000, $25,000 , $35,000 or more are within reach. Donors no longer need to accumulate wealth in order to make substantial and meaningful gifts to charities, schools, universities, houses of worship, community foundations...
Imagine the impact of your generosity stretching for generations. Your annual donations to causes you care about – your favorite non-profit, your house of worship, your alma mater – are a testament to your values. But what if your spirit of giving could bloom even after you're gone?
Discover the potential of a Deferred Charitable Legacy Account.
Through a Community Foundation (such as the Community Foundation of Orange & Sullivan), you can establish a lasting source of funding for the causes you champion. Partner this with a life insurance policy owned by and payable to the fund, and you create a powerful legacy:
Don't let your generosity end with your life. Let it blossom into a garden of good, nurturing those close to your heart and shaping a brighter future for generations to come.
A community foundation is a tax exempt, non-profit, publicly supported, philanthropic institution with the long term goal of building permanent, named funds for the broad-based charitable benefit of the residents in a given area.
The common mission of every community foundation is to enhance the quality of life in the local area. Community foundations carry out this very broad mission by building a permanent endowment fund and using the annual income to support a variety of local nonprofit organizations through grants and special projects.
Most community foundation assets are held in separate funds established by local individuals, families, businesses, or charitable institutions. Each fund may have a special purpose, but the foundation board of directors, representing the community, oversees them all. The IRS recognizes community foundations as public charities in part because they receive support from the general public and their boards broadly represent the areas served.
Everyone should make a will or living trust, regardless of wealth. Having a plan in place ensures that your wishes are known and saves your loved ones the stress and cost of intestate probate proceedings. Create a free will or trust to support the people and causes you care about most even after you’re gone.
Since 1975, John Sadler Hayes, II, President of Sadler Hayes Associates, Inc., has been providing individuals, families and businesses quality of life protection with Long-Term Care Insurance, Critical Illness Insurance, Disability Income Insurance, Dental Insurance/Plans, Medicare Supplement Insurance, Health Insurance, Life Insurance, Fixed Annuities - Deferred and Immediate Income.
Sadler also helps individuals create charitable legacies with life insurance to support the charitable organizations, schools and universities, hospitals, medical research, community foundations most important to them.
Sadler represents multiple life and health insurance companies that provide coverage options and competitive rates for residents of NY and NJ.
Note that John Sadler Hayes, II is a licensed life and health insurance agent in the states of New York, New Jersey and Connecticut.
and does not provide legal or tax advice.
For any tax or legal questions or concerns - consult with your legal and tax advisors.
Have questions? Don't hesitate to contact me. My goal is to help you create a lasting charitable legacy.
64 Rolling Ridge Road, New City, NY 10956
845-639-0492 914-419-4335 (cell) 845-210-9134 (fax) sadler@thinklegacylife.com
Erik Erikson
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