You can designate the Immaculata University as the primary or contingent beneficiary of an insurance policy that you own. Premiums are not deductible. If the insurance policy is paid up and you make the University the owner of the policy, you will receive a tax deduction equal to the lesser of the cash value of the policy or your cost-basis.
If the policy is not paid up, you may make the University the owner of the policy. You will receive an immediate income tax deduction equal to the current cash value of the policy. You will receive future tax deductions for donations made to the University to pay the premiums.
Qualified Retirement Plans – IRA’s, 401K, Keogh and Others
These plans provide income tax benefits at the time contributions are made and the assets in the plans are allowed to build tax-free. These plans are part of the owner’s taxable estate and are not subject to income taxes until they are withdrawn by the owner or paid to a beneficiary. The beneficiary, like the owner, will pay income tax at his/her current rate.
Because of the high taxation (possibly as high as 70-80%), these plans are an excellent source of both income and estate tax savings when used to make charitable gifts.
If you would like more information on how you can create a gift that is meaningful, please contact Sr. Rita O’Leary at 610-647-4400 ext. 3124.