The use of Life insurance policies to make your gift to support the children can be done without having to reach for your checkbook.
HOW IT WORKS.
· Name the Foundation as the primary beneficiary,
· Change a current policy naming the Foundation as owner and beneficiary,
· Continue to pay the premium to enhance the endowment fund,
· Name the Foundation as sole revocable Beneficiary of group term life insurance in excess of $50,000.00,
· Give a paid up policy to the Foundation, or
· Assign your annual dividends on your policy to the Foundation.
Please discuss these strategies with your tax preparer to determine the income, gift or estate tax benefits to you.
