A gift of insurance in a will
Cheryl: We donate regularly to Oakland Symphony. We wanted to know if there was any benefit to giving our policy to them.
Ed: I wasn't ready to part with the insurance. I wanted to preserve the option of giving it to our family if someone needed extra help down the road. We both wondered if there was a way we could commit now to help Oakland Symphony but make our gift at a later date when it was clear we wouldn't need the policy.
They decided to simply name Oakland Symphony as the beneficiary of their policy. Oakland Symphony will get a large gift and their estate will benefit from an estate tax charitable deduction based on the value of the proceeds paid.Ed: I wasn't ready to part with the insurance. I wanted to preserve the option of giving it to our family if someone needed extra help down the road. We both wondered if there was a way we could commit now to help Oakland Symphony but make our gift at a later date when it was clear we wouldn't need the policy.
Cheryl: The insurance bequest made sense to us.
Ed: I also liked the fact that our estate would benefit from tax savings, which would help to preserve other assets intended for our family.
Ed: I also liked the fact that our estate would benefit from tax savings, which would help to preserve other assets intended for our family.
Is a life insurance policy beneficiary designation gift right for you?
Giving a life insurance policy is an easy gift to make by completing a beneficiary designation form. If you have questions please contact us.
Your benefits may be different. Click here to view an example of your benefits.