An often overlooked and meaningful tool to create your legacy at Emma Willard School.
Life insurance policies are primarily purchased to provide funds to satisfy a mortgage, pay for college tuitions or wedding receptions should a donor die well in advance of a normal life expectancy. For those donors who have lived a full life with these original reasons for obtaining the life insurance coverage behind them, the policy becomes a valuable asset to use as part of your philanthropy plan to make a significant impact at Emma Willard School without drawing on your current assets.
OPTIONS FOR GIFTS OF A LIFE INSURANCE POLICY
• Designate Emma Willard School as a full, partial (1-99 percent) or contingent beneficiary of your life insurance policy. This option provides the most control of the policy since you continue to be the owner of the policy and can change or modify the beneficiary designations right up until the time of your death should needs or circumstances change. Because you have retained life-time control of the policy, there is no charitable income tax deduction at the time you make the beneficiary designation. However, amounts left to Emma Willard School under the policy are free from any estate taxes.
• Make an outright gift of your life insurance policy to Emma Willard School now. Since the policy was gifted to Emma Willard School, you may qualify for an immediate charitable income tax deduction based upon the premiums you have paid and the value of the policy at the time of transfer. If you wish to have us retain the policy until your death, you will receive additional charitable tax deductions by making annual gifts to us so that we can pay the premiums as they become due. Since the policy was gifted to Emma during your lifetime, the life insurance proceeds are not subject to the imposition of an estate tax.
The information presented on these web pages is not offered as legal or tax advice. You are urged to seek the advice of your tax advisor, attorney, and/or financial planner to make certain any gift you are considering fits well in your specific circumstances.