What are they?
There are two good and easy ways you can use life insurance to fund your giving. If you have a paid-up (or cash value) life insurance policy that you no longer need for its intended purpose (e.g., your children are grown, your spouse is pre-deceased, or tax laws have changed), your can give the policy to a fund at MCF. The policy will be cashed in, and you can use the proceeds to make grants to charities you recommend immediately. Or, you can make life insurance part of your estate planning by naming the Foundation as a partial and/or contingent beneficiary of any insurance policy’s death benefit. If one or more of their primary beneficiaries predecease you, their share can go directly into a fund you establish at MCF.
Highlights
- When you make an immediate gift of an insurance policy, you may claim an income tax deduction based on the policy’s current value. MCF can cash in the policy and have proceeds go directly into the fund you establish. Or, you can convert the assets of the policy into a charitable remainder trust.
- You reduce estate taxes, since the value of the policy is removed from your estate.
- Naming the Foundation as the beneficiary or contingent beneficiary of your life insurance enables you to protect your loved ones while providing for the causes you care about if the policy’s beneficiaries predecease you.
- You remove an unneeded asset from your estate—without affecting your income.
To learn more about ways you can give later, contact Aviva Shiff Boedecker, director of gift planning, at 415.464.2516 or by email. Or, request a copy of “Giving Back, Looking Forward: How to Achieve Your Financial and Charitable Goals through the Marin Community Foundation.”
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The information on this site is not intended as legal, tax, or investment advice.
For such advice, please consult an attorney, tax professional, or investment
professional.
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