Banks and life insurance companies typically sell commercial annuities. They provide the owner with fixed or variable income based on commercial rates of return. Because commercial annuities are subject to income and estate taxes, they are often considered among the best assets to leave to charity. The best way to give a commercial annuity in support of our work after your lifetime is to name us as beneficiary.
Upon withdrawal, even after death, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming us as beneficiary, Sisters of St. Joseph of Carondelet St. Louis can receive your commercial annuity completely tax-free and any assets contributed to Sisters of St. Joseph of Carondelet in this manner will result in a charitable deduction and help reduce any estate tax your estate might incur.
Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
- Contact Patricia Cassens, Executive Director of Mission Advancement, at 314-678-0329 or email@example.com for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include Sisters of St. Joseph of Carondelet in your plans, please use our legal name and federal tax ID.
Legal Name: Sisters of St. Joseph of Carondelet, St. Louis Province
Address: 6400 Minnesota Avenue, St. Louis, MO 63111
Federal Tax ID Number: 43-6000007
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.