Use life insurance to make a gift to your favorite St. Peter’s Health Partner’s legacy foundation
A life insurance policy can be a versatile and effective asset for making a significant charitable gift to your favorite St. Peter’s Health Partner’s legacy foundation. There are two basic ways insurance can be used to help support SPHP, and each offers different benefits to you.
Option 1: Make
your favorite St. Peter’s Health Partner’s legacy foundation
the beneficiary of the policy
This option allows you to:
- Create a meaningful legacy at
your favorite St. Peter’s Health Partner’s legacy foundation
- Reduce the size of your taxable estate
- Retain the flexibility to change your mind
Option 2: Make
your favorite St. Peter’s Health Partner’s legacy foundation
the owner
and beneficiary of an existing policy
This option allows you to:
- Make an irrevocable gift to
your favorite St. Peter’s Health Partner’s legacy foundation
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
SPHP
to cover the premiums.
Planning tips
- To make
your favorite St. Peter’s Health Partner’s legacy foundation
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:
your favorite St. Peter’s Health Partner’s legacy foundation
- Tax ID number:
22-2505129
- Address:
310 S. Manning Blvd., Albany, NY 12208
- It's also possible to use a charitable donation to buy a new policy to benefit
SPHP.
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.
