Life Insurance Beneficiary Gift - Mount Saint Charles Academy

Use Life Insurance to Make a Gift to Mount Saint Charles Academy

A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Mount Saint Charles Academy. There are two basic ways insurance can be used to help support Mount, and each offers different benefits to you.

Option 1: Make Mount Saint Charles Academy the beneficiary of the policy

This option allows you to:

Create a meaningful legacy at Mount Saint Charles Academy
Reduce the size of your taxable estate
Retain the flexibility to change your mind

Option 2: Make Mount Saint Charles Academy the owner and beneficiary of an existing policy

This option allows you to:

Make an irrevocable gift to Mount Saint Charles Academy 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 Mount to cover the premiums.

Planning Tips

To make Mount Saint Charles Academy 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: Mount Saint Charles Academy
- Tax ID number: 05-0258850
- Address: 800 Logee Street, Woonsocket, RI 02895
It's also possible to use a charitable donation to buy a new policy to benefit Mount. 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.