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Live Oaks Society |
Insurance as a current gift
According to federal and state authorities, after insurance is given as a gift, the choice of utilizing the cash value or the death benefit is to be made by the charity. The San Diego Natural History Museum complies with these regulations and seeks the wise counsel of the donor in finding the best means of maximizing the value of all insurance gifts. The IRS regulates the tax deduction for an insurance gift. The deduction value is not based on the death benefit value or the cash value. However, the deduction often is of a value very close to that of the cash value. Consultation with your tax advisor is recommended before making an insurance gift. Insurance gifts will be accepted if they are paid up policies. Insurance policies with substantial cash value with minor premium payments will be examined for acceptance on an individual basis. Insurance as a future gift New or current insurance policies may list the San Diego Natural History Museum as the beneficiary or as one of the beneficiaries. The donor may purchase a new policy or name the San Diego Natural History Museum as the beneficiary on an existing policy. If you own and control the policy, there is not a tax deduction permitted by the IRS. If the ownership of the policy is transferred to the San Diego Natural History Museum and you make a gift each year with the intent of funding the insurance as a gift, there will be a level of tax deductibility that will be permitted. Please consult with your tax advisor before making an insurance gift. |
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Existing insurance policies that were purchased many years ago may have accumulated a cash value. The insurance may be given as a current gift to the San Diego Natural History Museum and the cash value would be made available to be added to the endowment fund or to fund current efforts of the Museum.