Gift Planning

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GIFT OF LIFE INSURANCE

GIFT OF LIFE INSURANCE

George is retired, a recent widower, and is downsizing. He recently cleaned out his desk and found an old, paid-up life insurance policy that his deceased father took out on his life and on George's wife, Lola, who recently passed. The policy face value is $10,000.

Both George and his wife followed the plight of Native Americans for years. George is on a fixed income, but wanted to leave a major gift in memory of his wife. He decided to contact his insurance agent and ask for a 'change of owner/beneficiary form.' He completed the form by naming PWNA as owner and Native American Aid (NAA) as the beneficiary.

George notified PWNA and mailed the form to the Addison office. In George's case, he paid $5,000 in premiums for this policy over the years (cost basis of $5,000) so George realized a charitable deduction of $5,000. Upon his death, PWNA will receive the face value of amount of $10,000. (By law, a donor receives an income tax charitable deduction equal to the value of the policy or the donor's cost basis in the policy, whichever is less.)

"I was particularly concerned about providing emergency support for elders living on the reservation in times of natural disaster like blizzards and wildfires. I could think of no better way to honor the legacy of my wife than through a legacy gift for PWNA."

Is a bequest of a life insurance policy right for you?


Creating a bequest of life insurance is an easy gift to establish. You can easily leave a life insurance policy to charity if the policy is no longer needed for its intended purposes by completing a beneficiary designation form. If you have questions about bequests of life insurance policies, please contact us. We would be happy to answer any questions that you have.

*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization. Since your benefits may be different, you should seek the advice of your legal, tax or financial advisor.


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