Planned Giving

Gifts of Life Insurance: FAQs

How do I arrange a gift from my life insurance?Layer Closed

Simply contact your life insurance company and request a Change of Beneficiary/Ownership Form. Designate us as the new owner and beneficiary of your policy.

What are the tax implications of a gift of life insurance?Layer Closed

If you give your policy to us while you are still alive, you will receive an immediate income tax deduction for the current value of the policy. In order for you to get this deduction when the charity is the policy owner, you make donations to Indian River State College Foundation so we have funds to pay the insurance premiums. Put another way, the donor covers the premium payments that the charity now makes on the gifted policy by making regular additional monetary gifts to the charity. If you retain ownership of the policy, benefits payable to us at death can save you federal and state estate taxes depending on the size of your estate and your state of domicile.


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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.

Questions? Fill out the form below.