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GIFTS OF LIFE INSURANCE
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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.
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DONOR PROFILE FOR LIFE INSURANCE GIFTS
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| Anyone with paid up life insurance
policies, the need for which has been replaced by other
assets. |
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TO LEVERAGE YOUR BEQUEST THROUGH
THE "TOUCH THE FUTURE" PROGRAM:
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Paid up life insurance
policies for which the donor irrevocably assigns
the policy and beneficiary as the OFS Endowment
Fund at the community Foundation for Southeastern
Michigan will receive a $1.00 to $3.00 match for the paid
up value of the policy.
Anyone with paid up
life insurance policies, the need for which has
been replaced by other assets.
Gifts of policies
require review prior to qualifying for the
program.
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For more information call the OFS Development Department at (248) 858-7766
or email at: smorrison@ofsfamily.org.
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The information presented is for educational purposes and
should not be considered as tax or legal advice. Donors
should consult with their professional advisors.
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