Life Insurance Contributions

Insurance Contributions to Charitable Funds

Do you have a life insurance policy you no longer need? Possibly life insurance doesn’t have the financial significance for your family that it once did. Perhaps your other assets have grown to provide the protection you require, and the insurance policy lies forgotten in a safety deposit box. Did you know that the policy could make a wonderful charitable gift to the United States Kerry Blue Terrier Charitable Funds?

An important but often times over looked role of life insurance is the one it can play in planned charitable giving. Consider the following options:

Name the United States Kerry Blue Terrier Charitable Funds as owner and beneficiary of an existing policy.
By doing so you may claim an immediate tax deduction equal to the lesser of the cash surrender value of the policy or the premiums paid. Additional premiums paid after the transfer may be deducted as a charitable contribution.

Name the United States Kerry Blue Terrier Charitable Funds as owner and beneficiary of a new policy.
Annual policy premiums are deductible as a charitable contribution.

Name the United States Kerry Blue Terrier Charitable Funds as a beneficiary or successor beneficiary of a new or existing policy.
You can name the United States Kerry Blue Terrier Charitable Funds as a revocable beneficiary and retain ownership of the policy. You will not be entitled to a charitable contribution deduction. However, the proceeds of the policy are removed from your taxable estate at your death.

Name the United States Kerry Blue Terrier Charitable Funds as a beneficiary or successor beneficiary of a group-term life insurance policy.
There is no charitable income tax deduction, but there may be income tax benefits to such an arrangement.

Life insurance allows you quite a bit of creativity in making charitable gifts. And your gift can be used to establish a future endowment in your name, or you may honor someone else. The policy could also be used to assist in capital projects of simply as an unrestricted gift.

If you would like more information on a gift of life insurance to benefit the Charitable Funds please contact Carl Ashby.

Last Updated: 05/26/2005, 8:45 am