Life insurance can also be used to replace the value of an asset you want to give to the University. In this case you would use the tax savings produced by a charitable gift to pay the premiums on a life insurance policy naming your heirs as beneficiaries. This strategy allows you to make a charitable gift while ensuring that your heirs will be cared for. This is called retaining a life estate. You receive a charitable income tax deduction in the year the property is deeded to UNCG and the value of your property is removed from your taxable estate.
Personal residence is defined to include secondary residences such as vacation homes.
To be classified as a farm, your land must meet certain criteria specified by the applicable laws. We strongly encourage you to discuss any contemplated planned gift with your own financial advisors. For additional information, please contact Ray Covington.