Name the Community Foundation owner and receive a deduction on the computed current value of your paid-up policy or premium payments.
Making a gift of life insurance is simple and cost-effective. To make a charitable gift from life insurance add the Community Foundation as a primary, secondary or contingent beneficiary to your policy. A contingent beneficiary means the Community Foundation will receive what's left from the policy after taxes and other expenses are paid.
Donors can give the Community Foundation a paid-up policy which is eligible for a tax deduction equal to the cash value. A new policy may also be purchased specifically for charitable purposes. By naming the Community Foundation as the owner and beneficiary of the policy, the premiums paid on the policy are tax deductible.
Please
consult the Community Foundation to discuss this and other planned giving options in more detail.