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Gift of Life Insurance Community as your beneficiary.Life insurance provides a simple way for you to give a significant gift to charity and establish your legacy, with tax benefits that you can enjoy during your lifetime. You can make a gift when life insurance is no longer needed for personal financial wealth replacement by either giving a paid-up policy or continuing to pay premiums. You may receive a number of tax benefits, including reduced estate and income taxes. And, if you choose to continue paying premiums through your community foundation, you will be entitled to a charitable contributions deduction of up to 50 percent of your adjusted gross income. You can replace the dollar value of an asset transferred to your community foundation with a life insurance policy. Or, you can use regular payments from a Charitable Gift Annuity or Charitable Remainder Trust to establish an irrevocable life insurance trust. The trust can purchase insurance on your life to benefit your heirs. This way, you can make a gift to your community foundation and replace the value of this gift within your estate with life insurance proceeds. There is so much more we’d like you to know. For more information and ideas on ways to integrate your financial planning with charitable giving, ask your financial advisor or contact the Community Foundation for the Ohio Valley, Inc. (info@cfov.org). |
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P: 304-242-3144 | P.O. Box 670 | Wheeling, WV 26003 |
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Charitable Assets
Confirmed in Compliance with National Standards for US Community Foundations