Giving a life insurance policy is an inexpensive way to make a substantial contribution to BTCF.
Many people find in later years that they don't need all the insurance they did when they were younger, or they may choose to purchase a new policy to donate in order to leverage their gift.
Benefits to You
- A simple and inexpensive way to create a significant future charitable legacy
- A charitable deduction at time of gift on the current value of your paid—up policy
- If a premium—due policy is donated, receive an additional tax deduction for annual gifts to charity for annual premium payments
Three Options
Three common methods allow you to turn life insurance policies into a charitable gift:
- OPTION 1: List Berkshire Taconic Community Foundation as the beneficiary when purchasing a new life insurance policy, or execute a simple change of beneficiary form on a current policy. Upon your passing, your estate receives a charitable deduction and the death benefit passes to BTCF tax—free.
- OPTION 2: You may donate an existing, paid—up life insurance policy to BTCF or purchase a new paid—up policy in BTCF's name. You should receive a current income tax deduction equal to the lesser of your basis in the policy or the policy value.
- OPTION 3: You may transfer an existing insurance policy or purchase a new policy and name BTCF as the owner. Every year, you donate sufficient funds to BTCF to pay the annual premiums.
