I’ve
heard of individuals that make gifts of life insurance.
How do I make a gift of life insurance?
You
may own life insurance policies that have built up cash values but are no
longer needed for the purpose for which they were intended.
Such policies can make excellent charitable gifts.
In addition to providing income tax savings now, gifts of all or a
portion of the value of life insurance can result in significant estate
tax savings.
Gifts
of life insurance are usually made in one of the following ways:
·
Designating Shippensburg University Foundation as the owner and
beneficiary of an existing life insurance policy. The donor
receives a tax deduction for the fair market value of the policy or the
cost basis in the policy, whichever is less.
Any future premiums paid by the donor also are deductible as gifts
to the Foundation.
·
Buying a new policy and designating Shippensburg University
Foundation as the owner and beneficiary.
The donor may deduct future premiums paid.
·
Adding Shippensburg University Foundation as a charitable
beneficiary to an existing policy.
There is no deduction for market value or premiums paid unless
Shippensburg University Foundation is the irrevocable owner of the policy.
· Making a Gift of Cash (Online, Check, Credit Card)
· Gifts of Retirement Plan Assets
· Gifts of Personal Property of Collectibles
