In addition, they may increase cash flow to you or other beneficiaries, depending on the asset contributed. Many, if not most, people own some form of life insurance because of its unique ability to meet a variety of needs for financial protection. As circumstances and situations change in life, many of the original reasons for purchasing life insurance are no longer in existence. A paid up insurance policy may be assigned to CMU or a new policy may be issued with Central Michigan University as owner and beneficiary. The best way to fund a charitable gift whether during life or at death is often with retirement plan assets.
Donors can preserve more for both heirs and hopefully CMU by gifting retirement assets.
Careful structuring of such gifts is important and should be carefully planned out as well as all gifts with knowledgeable advisers.