Estate and Gift Planning

Gifts of Life Insurance

Life insurance is also an excellent tool for accomplishing philanthropic goals while realizing other important financial objectives. Indeed, life insurance can empower individuals to make charitable gifts they never would have dreamed possible.

Making a gift of life insurance is quite simple. If you are the insured policy owner you simply transfer physical possession of your policy to us and file an absolute assignment or transfer of ownership form with your insurance company. Your company then will send a letter to us showing that we are the sole owner of the policy.

Hypothetical Example

Emmett owns a $100,000 life insurance policy with a cash value of $40,000. No further premiums are due and he no longer needs the coverage. He can assure that we will receive $100,000 at his death by making us the beneficiary. Or he can transfer ownership of the policy to us now. When he transfers ownership, Emmett receives an itemized charitable deduction equal to the lesser of his cost basis or the policy’s replacement value.

Contact us for more information about gifts of life insurance.

CHM ESTATE AND GIFT PLANNING OPTIONS

Making a planned gift—whether by including a bequest to the Museum in your will or by naming CHM as the beneficiary of a charitable remainder trust, life insurance policy, or retirement fund—provides essential support for the Museum’s future. Planned gifts can offer significant tax advantages and in some cases generate lifetime income for you or your chosen beneficiary.

Learn more about Estate and Gift Planning at CHM.

PLANNED GIVING RESOURCES LIBRARY

For a deeper look into various estate gift topics, explore our Planned Giving Resources Library.

FOR MORE INFORMATION

For more information on how these gifts might work for you, contact us to learn more about Estate and Gift Planning. 

Share

FacebookTwitterCopy Link