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Like retirement plan assets, commercial annuities provide for tax-deferred growth while the owner is living. Because distributions from commercial annuities are subject to income taxes, they are often considered among the best assets to leave to charity. Due to our tax-exempt status, The Catholic Foundation can receive your commercial annuity completely tax-free when you name us as beneficiary.
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.
Next Steps
- Contact Rebecca Harris at 601-960-8477 or [email protected] for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include The Catholic Foundation in your plans, please use our legal name and Federal Tax ID.
Legal Name: The Catholic Foundation of the Diocese of Jackson
Address: PO Box 2248, Jackson, MS 39225
Federal Tax ID Number: 23-7355930Information contained herein was accurate at the time of posting. 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 any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.