Gift of Life Insurance

Gift of Life Insurance

If you own one or more life insurance policies that your family no longer needs, you might consider giving those policies to the Law School Foundation to benefit one or more areas or programs you designate.

Life insurance

How It Works

1) Give an existing policy now

  • You irrevocably designate the Law School Foundation as owner and beneficiary of an existing life insurance policy. You continue to pay any premiums as they are due.
  • We will apply the policy proceeds to the purposes you designate.

2) Keep your policy, but designate the Law School Foundation as beneficiary

  • You designate the Law School Foundation as beneficiary of your policy.
  • We will apply the policy proceeds to the purposes you designate.

Benefits

1) Giving an existing policy now

  • If your policy is paid up or has an internal value, you will receive gift credit and an immediate income tax deduction based on the policy value.
  • If your policy is not yet paid up, you will make contributions of cash to the Law School Foundation to cover future premium payments. You will be able to claim an income tax deduction for each of those payments.
  • The policy proceeds will not be included in your taxable estate for estate tax purposes.
  • You will provide a large gift to benefit the Law School at comparitively little cost.

2) Keeping your policy; naming us as beneficiary

  • You will retain the flexibility to change your beneficiary designation later if your circumstances change.
  • The policy proceeds distributed to the Law School Foundation will be exempt from estate tax in your estate.
  • You will provide a large gift to benefit the Law School for comparatively little cost.

Gift Options

Outright Transfer Now

If you own a policy that is paid up, or one that otherwise has an internal cash value, you can irrevocably name the Law School Foundation as the policy’s owner and beneficiary and be eligible to claim an immediate charitable income tax deduction for your gift. Your available deduction will depend on several factors, including whether the policy is paid up or whether additional premium payments are due.

If additional premium payments are owed over the years, you may make contributions to the Foundation to cover the cost of those payments, and you will be able to claim a charitable income tax deduction for the amounts you contribute.

Beneficiary Designation

If you are not interested in transferring ownership of the policy, you may simply designate the Law School Foundation as beneficiary of part or all of the policy proceeds. This is a wonderful way to make a significant impact on the Law School without affecting your current cash flow and while maintaining the flexibility to change your beneficiary designation if your circumstances change. Any amount you designate will avoid estate tax in your estate.

For More Information

Email us, or call us at 877-307-0158 (toll free) or (434) 924-4154 (direct) so that we may answer your questions and help you through the process.

The materials provided in this website and the examples contained herein are for illustration purposes only and are not intended as legal or tax advice. We encourage you to consult your own legal and tax advisor.