Gifts through contracts: Life insurance

Life Insurance: Changing beneficiary designations or ownership of a life insurance policy is easy and costs nothing.  Often a donor can simply download a form from the insurance company’s website, fill in the name of the charity as a beneficiary, and send it back.

A donor can easily make TMI a beneficiary of a life insurance policy (or one of the beneficiaries) or make TMI the owner of a paid-up whole life policy (and receive a tax deduction for this gift).

Example: Ginny owns a paid up insurance policy she bought when she was 25, with a death benefit of $50,000 and a current cash value of $45,000.  She long since finished making premium payments on the policy, and no longer needs it.  She can give the policy to TMI and receive a tax deduction for roughly the $45,000 cash value.

Example: Pete has a life insurance policy with a $100,000 death benefit.  His children are the primary beneficiaries, and he wants them to benefit from the policy, but he also wants to leave a legacy. Thus, he designates TMI as a 10% beneficiary of the policy, guaranteeing a $10,000 gift at his death.

Have Questions?

For more information on ways to give to TMI or to find out how you can submit your gift to TMI, please contact our Advancement Department, at advancement@tmi-sa.org.

Please remember that when making a financial decision, you should always seek the opinion of your professional tax adviser or legal counsel.
 
MISSION: TMI provides an exceptional education with values based on the teachings of Jesus Christ that challenge motivated students to develop their full potential in service and leadership.
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Based on receipt of federal financial assistance through a Paycheck Protection Program loan administered through the U.S. Small Business Administration (SBA) under the CAREs Act, the School acknowledges its obligation to prohibit discrimination, harassment, or retaliation on the basis of race, color, age, national origin, sex, citizenship status, genetic information, handicap or disability in admissions, access, employment, tuition assistance, educational policies, or other school administered student and employee programs and activities. Questions regarding the School’s compliance with the application and administration of the School’s nondiscrimination policies should be directed to Matt Duke, Chief Business Officer, (210) 564-6140, m.duke@tmi-sa.org, 20955 W. Tejas Trail, San Antonio, TX 78257, or to the U.S. Department of Education's Office for Civil Rights (OCR) or to the SBA. Please refer to the School’s SBA Non-Discrimination Compliance Policy on the School’s website for information on how to file complaints with OCR or the SBA.

This notice will remain in effect until the School has satisfied and paid off the SBA Paycheck Protection Loan.
TMI Episcopal
20955 W. Tejas Trail
San Antonio TX 78257
phone (210) 698-7171
fax (210) 698-0715