Helping Catholics Make

a Lasting Difference.

A Gift in Thanksgiving to a School Community

Creating an insurance policy to benefit an endowment fund

 

Samantha Holowka and her husband, Mark, have two young children who attend Queen of Angels Catholic School. Samantha said she and Mark have learned so much through the school community about communicating effectively and lovingly when teaching their children to do their best in everything they do. She added that the school has strengthened the spirituality of both the children and her entire family.

 

The Holowkas knew they wanted to use their talents, time, and treasure to help secure the future of their school community so others could continue to benefit from the loving environment that has had such an impact on them. As they looked at different channels of giving, they decided to establish a life insurance policy for the Queen of Angels endowment fund that would allow them to have a greater effect than direct cash donations given each year.

 

Samantha, a wealth management advisor with Northwestern Mutual, had seen firsthand the impact a life insurance policy can make on families and organizations when incorporated in a family’s strategic plan. She shared, “[an insurance policy] is a tool that can have a greater impact than other gifts because the cost is pennies compared to the dollar value of the gift.”

 

Her company has a matching dollar policy for life insurance premiums, which she leveraged. She also receives a tax deduction on the amount of the premiums each year.

 

Samantha stressed that you do not have to have a deep knowledge of finance to establish an insurance policy that benefits a charity or endowment fund. She did suggest talking with a financial advisor who is well versed in permanent life insurance solutions, retirement, and estate “distribution” planning to help you achieve your giving goals.

 

The Holowkas’ gift to the Queen of Angels Catholic School Endowment Fund will help the school continue to teach children and families positive and loving Catholic values for years to come.

 

Article written in 2020.

Forgotten Insurance Policy, Unique Way to Give 

Charitable Gift Annuities  

 

While cleaning out their home in late 2013, Christ the King parishioners Jim and Jo Appleby had quite a pleasant surprise. They came across an insurance policy that had been purchased by Jim’s parents at his birth in the 1930s. Originally costing just $15, they would find the value of that policy had grown to nearly $88,000. The Applebys wanted to use the funds to honor the Church, a source of support and peace all their lives. However, the idea of extra income wasn’t something they could just dismiss.  

 

Luckily, a friend told them about the charitable gift annuities program at the Catholic Foundation. The charitable gift annuities available through the Catholic Foundation exceeded the Applebys’ expectations. The couple was able to donate the entire sum, receive quarterly payments that are partially tax-free, and accrued just over $41,000 in tax deductions. The money from the insurance policy will eventually benefit three separate organizations’ endowments held at the Catholic Foundation: the Catholic Foundation of North Georgia for Cristo Rey Atlanta Jesuit High School, the Cathedral of Christ the King, and the Society of St. Vincent de Paul, Georgia. What started as a $15 insurance policy for an infant boy more than 80 years ago will now provide additional quarterly income for the couple who discovered it and will support the Catholic community in Atlanta for generations. 

 

Note: Jim Appleby entered eternal life in November 2018. Jo continues to receive payments through their CGA.