Life insurance is often overlooked as an asset that you can use to make gifts to the ASPCA. There are a number of ways to support the ASPCA’s many programs with an insurance-related gift.
- Add a beneficiary to your policy
It is relatively simple to make a change to the beneficiary/beneficiaries of your insurance policy without changing your will or other aspects of your estate plan. Just ask your insurance company for a form that will allow you to make the ASPCA a beneficiary of your insurance policy.
- Give a paid-up policy
You can transfer ownership of a paid-up life insurance policy to the ASPCA. After the transfer, the ASPCA can elect to either cash in the policy right away or keep the policy and receive the death benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less.
- Making the ASPCA the owner and beneficiary
You can take out a policy and make the ASPCA the owner and beneficiary of the policy. Premium payments can be made by you directly to the insurance company or by the ASPCA, by way of your annual gift to the organization. Whichever way the premiums are paid, you can take an income tax deduction.
For more information, please contact the Gift Planning Office at (212) 876-7700, ext. 4505, or [email protected].
The material presented in this web site is intended as general educational information on the topics discussed herein and should not be interpreted as legal, financial or tax advice. Please seek the specific advice of your tax advisor, attorney, and/or financial planner to discuss the application of these topics to your individual situation.