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Gift of Life Insurance
(Complete gift description)

If you own one or more life insurance policies that your family no longer needs, you might consider giving those policies to the Law School Foundation to benefit one or more areas or programs you designate.
 
You have a few options for how you might make a gift.

Outright Transfer Now

If you own a policy that is paid up, or one that otherwise has an internal cash value, you can irrevocably name the Law School Foundation as the policy’s owner and beneficiary and be eligible to claim an immediate charitable income tax deduction for your gift. Your available deduction will depend on several factors, including whether the policy is paid up or whether additional premium payments are due.

If additional premium payments are owed over the years, you may make contributions to the Foundation to cover the cost of those payments, and you will be able to claim a charitable income tax deduction for the amounts you contribute.

Beneficiary Designation

If you are not interested in transferring ownership of the policy, you may simply designate the Law School Foundation as beneficiary of part or all of the policy proceeds. This is a wonderful way to make a significant impact on the Law School without affecting your current cash flow and while maintaining the flexibility to change your beneficiary designation if your circumstances change. Any amount you designate will avoid estate tax in your estate.

 

For more information

Email us, or call us at 877-307-0158 (toll free) or 434-924-4514 (direct) so that we may answer your questions and help you through the process.


The materials provided in this website and the examples contained herein are for illustration purposes only and are not intended as legal or tax advice. We encourage you to consult your own legal and tax advisor.