Gifts through Beneficiary Election
Beneficiary designation:
When considering a legacy gift for the Priests of the Sacred Heart, there are several creative options to explore that you may not have considered before.
Naming the Priests of the Sacred Heart as a Beneficiary: You can designate the Priests of the Sacred Heart as a beneficiary of various assets, such as life insurance policies, investment accounts, or bank accounts. This straightforward approach provides vital support for our ministry's mission of nurturing the future of the Catholic Church and aiding those in need.
Life Insurance Policies:
While life insurance was historically viewed as protection against unforeseen circumstances, today it can also serve as a strategic tool for charitable giving. You can transfer a paid-up life insurance policy to the Priests of the Sacred Heart, or designate us as the beneficiary for a policy that remains in your name. Additionally, a partially paid-up policy can be transferred, providing you with an immediate tax deduction.
Retirement Accounts (IRAs) and Bank Accounts:
Many individuals are concerned about the potential tax burden that their family members may face upon inheriting retirement accounts or bank accounts. By naming the Priests of the Sacred Heart as beneficiaries of these accounts, you can alleviate this concern and ensure that your assets support our ministry. This can typically be accomplished with a simple beneficiary designation form provided by the company, bank, or trust managing your account.
These options offer convenient and tax-efficient ways to leave a lasting legacy of support for the Priests of the Sacred Heart. We are deeply grateful for your consideration and support, which enables us to continue our vital work in service to the Church and those in need.