You may make us the owner of the policy. This allows you an immediate income tax deduction. Secondly, you also may name us as the beneficiary of your policy. Because the designation is not irrevocable, it cannot be counted for any immediate tax savings. However, at your death, your executor may take a federal estate tax charitable deduction for the entire amount.
Life insurance interacts well with other gift mechanisms.
For instance, you can use all or part of your trust or annuity income to establish an irrevocable life insurance trust. This way, you can make a charitable gift and replace the assets with life insurance for the benefit of a loved one. Alternatively, you could take all or a portion of the income for a set term of years and purchase a life insurance policy naming a family member as beneficiary. This is another excellent way to replace the wealth transferred to the College. This information is offered with the understanding that the editor and contributors are not engaged in rendering legal, accounting or other professional service.