Life Income Gifts
When individuals participate in retirement plans, they set aside money to use later. If an individual dies before he or she receives any lifetime payments, the accumulated funds go to the named beneficiary or beneficiaries. If an individual dies after his or her retirement benefits have begun, the remainder in the fund is paid to the named beneficiaries.
It's also possible to donate all or part of a retirement plan to Camillus House. For individuals considering this, here are some points to keep in mind.
Individuals may name Camillus House as first, second or last beneficiary for part or all of the remainder. (Camillus House may be named as a beneficiary at any time.)
A spouse must sign a spousal waiver when Camillus House is named for benefits to which the spouse is entitled.
There are four basic types of retirement plans:
Qualified pension and profit-sharing plans
Individual retirement accounts (IRAs).
Tax benefits: Retirement plans offer important tax advantages to participants.
Contributions can be deductible for Federal income tax purposes, by the employer, the participant or both.
Earnings from investments accumulate and income tax is deferred until retirement payments begin.
Life Insurance Gifts
Many people have insurance policies which have outlived their original purpose. For example, some people have old policies to cover the cost of a child's education or to provide financial support to a spouse or child in case of a premature death. If the original need for a policy has been met, consider donating the policy to Camillus House.
How to give general life insurance as a gift
Donate a paid-up policy: Policies that have outlived their intended purpose can make wonderful gifts.
Purchase a new policy: Individuals can make a substantial gift by taking out a policy and making themselves and Camillus House both owners and beneficiaries. The premium payments may be tax deductible.
Donate a single premium policy for maximum benefits.
Add a beneficiary: name Camillus House as a primary or joint beneficiary. Another option is to name Camillus as a secondary or final beneficiary on an existing or new policy. If the beneficiary dies before the policy holder, Camillus would become the beneficiary. This allows individuals to provide for loved ones and potentially make a gift to fight homelessness and poverty. Since the gift isn't definite, the tax benefits would be deductible from Federal estate taxes. Camillus House may be named as a beneficiary on whole or term life insurance policies.