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Gifts of Life Insurance Insuring Tomorrow: A Remarkable Gift
An Asset With Hidden Attributes
Personal and Financial Satisfaction You can use your life insurance to fund support for MHDF through: Making a Gift of an "Unneeded" Policy – For example, suppose you purchased a $50,000 policy many years ago but now your family is grown and no longer needs it. Further, suppose the policy's cash surrender value is $20,000 with annual premium payments of $500. By contributing the policy to MHDF while continuing to pay the premiums, you will receive an income tax charitable deduction of $20,000. If you are in the 30% tax bracket, this will reduce your taxes by $6,000. In addition, each year thereafter that you make the $500 annual premium payment will generate another $500 deduction, saving an additional $150 in income taxes. Upon your death, MHDF will receive the full $50,000 to be used to support our programs. "Wealth Replacement" Plans – You may purchase life insurance payable to family members, to replace the value of assets contributed through your will. And you can pay for this plan partially with the tax savings your charitable deduction creates. Use life insurance to replace the assets you bequeath us and, if you create an irrevocable life insurance trust, your family will receive the insurance proceeds free of either gift or estate taxes. The following chart illustrates how donors can transfer assets to a charitable remainder trust and still receive a lifetime income as well as tax deduction savings. At the donor's death, both your favorite charity and family members benefit.
Wealth Replacement and Charitable Trusts
Revocable Beneficiary Designation - You may wish to make us a beneficiary of part or all of your insurance proceeds but still retain the right to borrow against the cash in your life insurance policy. You can do this simply by keeping lifetime ownership rights in a policy. Your estate will be entitled to a charitable deduction for the amount which passes to us. Or, name MHDF as the contingent beneficiary of a life insurance policy. In this case, we will receive the proceeds only if your primary beneficiary dies before you. Large Gifts from Small Payments – Using life insurance, you can make substantial gifts at very affordable costs - even at the $100,000 to $1,000,000 level! Purchase a new life insurance policy, naming MHDF as the owner and beneficiary. The annual premium payments are fully deductible as charitable gifts and the policy can often be paid up in a very short time, perhaps five or seven years.
Why Give Life Insurance?
We ask you to meet with us to explore this splendid opportunity for making a significant gift to MHDF. For more information, please contact us.
Minnewaska Lutheran Home
The information provides is not intended as legal, tax, or investment advice. Please consult
an attorney, tax or financial planning professional for questions specific to your financial
situation. |
Basics Ways To Give What To Give Additional Info Glossary of Terms Gift Calculator Information for Professional Advisors |
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