The most popular gift to the Foundation is through a will or bequest. The federal government encourages such gifts to us by allowing an unlimited estate tax charitable deduction for the amount bequeathed to the Foundation. You may make a specific bequest to the Foundation by naming it to receive a specific dollar amount, specific percentage of your estate or a specific property. You may make a residual bequest as well. This means that your estate will pay all debts, taxes, expenses, and specific bequests you have designated.
Many people find that the reason they took out a life insurance policy no longer exists.
Sometimes this happens when a spouse whom the policy was designed to protect has preceded us in death. Or, a policy designed to insure our children were educated in the event of our premature death is no longer needed because they finished college years ago. Rather than canceling the policy or cashing it in, for some people it makes a wonderful gift as part of their charitable estate planning. As with other charitable gifts, naming the Foundation as the beneficiary of your life insurance policy may offer you an immediate tax deduction. Please consult with your insurance agent and financial advisors if this way of giving seems to fit you.