GIFTS OF LIFE INSURANCE

There are various methods by which a life insurance policy is contributed to a charity.  A donor may: (1) irrevocably assign to a charity a paid-up life insurance policy, (2) irrevocably assign to a charity a life insurance policy on which premiums remain to be paid, or (3) name the charity as a primary or secondary beneficiary of the proceeds and retain ownership of the policy.

Existing policies may have significant inherent value.  The cash surrender value is the basis for a charitable income tax deduction.

DONOR PROFILE FOR LIFE INSURANCE GIFTS

Anyone with paid up life insurance policies, the need for which has been replaced by other assets.

For more information call the Oakland Family Services Development Department at (248) 858-7766 or email at: smorrison@ofsfamily.org. 

The information presented is for educational purposes and should not be considered as tax or legal advice.  Donors should consult with their professional advisors.