Use Life Insurance to Make a Gift to McNicholas High School

School Icon Divider

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

Option 1: Make McNicholas High School the beneficiary of the policy

This option allows you to:

  • Create a meaningful legacy at McNicholas High School
  • Reduce the size of your taxable estate
  • Retain the flexibility to change your mind

Option 2: Make McNicholas High School the owner and beneficiary of an existing policy

This option allows you to:

  • Make an irrevocable gift to McNicholas High School 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 McNicholas to cover the premiums.

Planning Tips

  • To make McNicholas High School 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:McNicholas High School
    • Tax ID number: 31-1097305
    • Address:6536 Beechmont Avenue, Cincinnati, OH 45230
  • It's also possible to use a charitable donation to buy a new policy to benefit McNicholas. 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.