Life insurance gifts are another method of making a significant gift to United Way.
If you own a life insurance policy that is no longer needed for the protection of your family, you may make a gift of the policy to United Way. You will be entitled to a charitable income tax deduction for approximately the fair market value of the property. If you continue to pay the premiums on the policy, you receive an income tax deduction for the premium payments, as well.
You can retain ownership of the policy, but name United Way as a beneficiary of the life insurance policy. You do not receive an income tax deduction, since you retain ownership, but your estate will receive an estate tax charitable deduction for the proceeds eventually paid to United Way.
Life insurance is also a valuable planning device to replace part of all of the value of other assets given to United Way, either outright or by funding a charitable remainder trust.
For more information, please contact Mark Spaulding at 707.528.4485 x112.
