Planned Giving
Gifts of Life Insurance: The Details
Is this gift right for you?
A gift of life insurance is for you if…
- You are maintaining insurance coverage that your family no longer needs.
- You hold few appreciated securities in your portfolio, or few that you wish to donate and are looking for an alternative way to give.
- You are a younger donor who wants to create a future gift for us at a lower cost.
A life insurance policy is a wonderful asset that can be used to create a much greater philanthropic impact at Indian River State College Foundation than you might have thought possible.
If you are carrying more insurance coverage than your family obligations now require, or if you would like to explore a low-cost/large-impact gift generally, consider using life insurance to create a meaningful legacy at Indian River State College Foundation for relatively little cost.
Donate an Existing Policy
You can irrevocably designate Indian River State College Foundation as the owner and beneficiary of an existing policy. If the policy is fully paid up or otherwise has an internal value, you will be able to claim a current income tax charitable deduction at the time of contribution for approximately the cash surrender value of the policy. In addition, if the policy is not yet fully paid up, you will continue to make annual premium payments as they are due and will be able to claim a tax deduction for each payment.
Designate Indian River State College Foundation as Beneficiary
If you have a policy that is not yet ripe for outright donation, you can create a wonderful legacy by designating Indian River State College Foundation as a partial or full beneficiary of an existing policy. You will retain ownership of the policy and the flexibility to change your beneficiary designation later if your circumstances change, but any policy proceeds distributed to Indian River State College Foundation will be exempt from estate tax in your estate and create a wonderful legacy at comparatively low cost.
Designating a policy is real simple. Here's how.
Please contact us so that we can assist you through every step of the process.
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Create a Lasting Legacy
Philanthropic planning is a powerful mechanism for meeting personal estate planning objectives while making a meaningful impact on the College’s initiatives and mission. At Indian River State College, we welcome the opportunity to work with estate planners to ensure that your clients find the charitable arrangements that best meet their needs.
Estate-planning options can achieve significant tax benefits while furthering a client’s philanthropic goals:
- Gifts through a will or trust
- Charitable trusts and gift annuities
- Donation of stocks and mutual funds
If your client has already included or intends to include Indian River State College in their will or estate plan, or if you would like someone from IRSC Institutional Advancement to contact you to discuss how to support IRSC as part of their estate planning strategy, please contact us.
