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Life Insurance GiftsThere are several ways that you may make charitable gifts of life insurance policies:Name Pacific Northwest Ballet as a Beneficiary This may be a good option if the existing beneficiaries of a policy have preceded you in death, or if you have beneficiaries for whom you have provided through other life insurance policies or assets. (The proceeds from group insurance as well as individually owned insurance can be given to PNB.) You receive an estate tax deduction for the policy proceeds distributed to PNB, but no tax benefit during your lifetime, since the gift is revocable. Donate a Policy that has Been Paid Up In this case, you name Pacific Northwest Ballet as a beneficiary, and also transfer ownership of the policy to PNB. Because the gift is irrevocable, you receive an immediate income tax deduction, reportable each year up to 50 percent of adjusted gross income; any excess may be carried forward for up to five additional years. Donate a New Policy or a Partially Paid Policy You receive a deduction approximately equal to the policy's current value along with additional deductions for continued premium payments. This makes a new policy a particularly economical way to make a large future gift to Pacific Northwest Ballet. There are several benefits to giving a gift through life insurance:
Years ago, Mr. P took out a $60,000 life insurance policy to protect his wife and young family. Now he is a widower and has other assets to leave his children. He names Pacific Northwest Ballet as his new beneficiary, with the proceeds going to support the PNB School, as he was a parent of a student for many years. He will receive an estate tax charitable deduction for proceeds paid to PNB. To find out more about life insurance gifts, please contact Lilah Ostmann, Major Gifts Officer, at 206.441.3594 or LOstmann@pnb.org. Back to Planned Giving Révérence Society Endowment |
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