Life insurance provides an easy way to continue your lifetime of giving. If you are currently making annual gifts to us and would like for these to continue beyond your lifetime, you may wish to consider a gift of an existing life insurance policy. It’s an easy way to make a lasting gift.

​

If you would like to discuss making the Foundation owner and beneficiary of an existing policy, or establishing a new policy, reach out to a development officer today or request our Guide to Planned Giving.

​

Planning Idea #1. By naming the Foundation as the beneficiary of an existing life insurance policy, your estate could save significant tax dollars. Every dollar going to us – or another qualifying charitable institution or organization – will be deductible as a charitable contribution for estate tax purposes. (For the estate tax, there are no limitations on the charitable deduction as there are for income tax purposes.)

​

Planning Idea #2. Alternately, you could make a charitable gift of a life insurance policy during your lifetime and also garner an income tax charitable deduction if you name us as the owner and beneficiary of the policy. (Important note: Unlike lifetime gifts of retirement accounts, there are generally no adverse tax consequences for making a lifetime gift of a life insurance policy.)

​

Planning Idea #3. Perhaps a more complex arrangement, such as an irrevocable life insurance trust, would be better for your particular tax planning circumstances. For instance, you could arrange for your insurance proceeds to be used first for the support of your spouse and children, and then, at a later date, be distributed outright to the Foundation.