Use Life Insurance to Make a Gift to Grand Island Central Catholic

A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Grand Island Central Catholic. There are two basic ways insurance can be used to help support GICC, and each offers different benefits to you.

Option 1: Make Grand Island Central Catholic the beneficiary of the policy

This option allows you to:

• Create a meaningful legacy at Grand Island Central Catholic
• Reduce the size of your taxable estate
• Retain the flexibility to change your mind

Option 2: Make Grand Island Central Catholic the owner and beneficiary of an existing policy

This option allows you to:

• Make an irrevocable gift to Grand Island Central Catholic today with little or no impact on your current cash flow
• Receive a charitable tax deduction for a portion of your gift

In addition, if premiums remain to be paid on the policy, a charitable deduction is allowed for each gift you make to GICC to cover the premiums.

Planning Tips

• To make Grand Island Central Catholic a beneficiary of, or owner and beneficiary of, your life insurance policy, simply contact your insurer and complete the required form. You may need to provide the following information:
  • Legal name:Central Catholic Development Foundation
  • Tax ID number: Please contact us for Tax ID and gift transfer information
  • Address:1200 Ruby Avenue, Grand Island, NE 68801
• It's also possible to use a charitable donation to buy a new policy to benefit GICC. Contact us early in your planning if you'd like to pursue this option so we can work with you on this process.
• If you are considering designating your gift for a specific purpose, such as a scholarship fund or support for a specific department, contact us to ensure that we understand your wishes.
• Before finalizing a gift of life insurance, review your other assets (such as appreciated stock or IRA accounts) to make sure this is the savviest way for you to reach your goals.