Giving for the Future

Naming St. Serra in your Estate Plan

Donations to St. Serra don’t only have to be made during your lifetime. If you include St. Serra as a beneficiary in your estate plan, you will receive a charitable estate tax deduction at your death. You may include St. Serra as a beneficiary of your estate plan for a specific amount, a percentage of your estate, or as a contingent beneficiary.

St. Serra benefiting from your Retirement Plans

Your retirement plan can be structured in one of the following ways to benefit St. Serra:

1) Naming St. Serra as a beneficiary of your retirement plan

2) Donating the distributions you receive from your retirement plan to St. Serra.

If you name St. Serra as a beneficiary of your retirement plan, money from your retirement plan is distributed to St. Serra at your death. The distribution from the retirement plan to St. Serra will not be subject to income tax or to estate tax. A distribution from a retirement plan is an ideal way to make a charitable contribution to St. Serra because assets in a retirement plan may be subject to income tax and estate tax if family members are named as beneficiaries.

While distributions from your retirement plan usually are subject to income tax, you can gift those retirement plan distributions to St. Serra to receive a charitable income tax deduction.

St. Serra benefiting from your Life Insurance

Structuring a life insurance policy to benefit St. Serra can be done in the following ways:

1) Naming St. Serra as a beneficiary of a life insurance policy which you own and insures your life;

2) Donating a life insurance policy so St. Serra is the owner and beneficiary of a life insurance policy.

If you want to own a life insurance policy, you may name St. Serra as the beneficiary of the policy. While this does not provide you with a charitable income tax deduction, the life insurance death benefit proceeds paid to St. Serra will qualify for a charitable estate tax deduction.

If you want to receive a charitable income tax deduction, you may donate a life insurance policy to St. Serra. If further life insurance premiums are needed, you may continue to make cash donations to St. Serra for the premium payments so St. Serra may pay the premiums. These additional donations will be income tax deductible. At your death, St. Serra would receive the life insurance death benefit proceeds free from estate tax.