When you bought your life insurance policies, you felt a need for
them. Perhaps you do not need all that coverage today. Yet, you may
still have those policies.
An Easy and Beneficial Way to Give
A gift of your life insurance can be a sensible and generous course of action:
- You save taxes this year through an income tax charitable deduction
when you make Marquette University the beneficiary and owner of
the policy.
- If you are still paying premiums, Marquette University can make the
premium payments and you can reimburse the university and claim
the premium amount as an income tax deduction.
- You reduce estate taxes because the proceeds are completely removed from your taxable estate as long as you do not retain any incidents of ownership.
Would You Rather Keep It?
We realize that if you need life insurance for your future financial security or that of a family member, those concerns come first. But there are ways you can safeguard personal priorities and still remember Marquette University.
- Name Marquette the contingent beneficiary and the university receives
the proceeds should your primary beneficiary predecease you.
- Name Marquette a beneficiary but keep ownership, and you retain control
of your policies.
- Create a trust to receive the policy proceeds. The trust funds are invested for a family member’s support after your lifetime; when that person dies, the trust remainder can be paid to Marquette.
These plans will not entitle you to an income tax deduction. They will allow you to use the policies for personal and family responsibilities as long as required and subsequently support Marquette University.
