Home > Give > Giving Later > Gifts of Life Insurance

GIFTS OF LIFE INSURANCE

Gifts of Life Insurance: Make your community your beneficiary There are two good and easy ways you can use life insurance to fund your giving. If you have a paid-up (or cash value) life insurance policy that you no longer need for its intended purpose (e.g., your children are grown, your spouse has passed away, or tax laws have changed), your can give the policy to a fund at YCCF. The policy will be cashed in, and you can use the proceeds to make grants to charities you recommend immediately. Or, you can make life insurance part of your estate planning by naming the Community Foundation as a partial and/or contingent beneficiary of any insurance policy's death benefit. If one or more of their primary beneficiaries predecease you, their share can go directly into a fund you establish at YCCF.

Highlights: When you make an immediate gift of an insurance policy, you may claim an income tax deduction based on the policy's current value. You reduce estate taxes, since the value of the policy is removed from your estate. Naming the Foundation as the beneficiary or contingent beneficiary of your life insurance enables you to protect your loved ones while providing for the causes you care about if the policy's beneficiaries predecease you. You remove an unneeded asset from your estate-without affecting your income.

Gifts of Life Insurance Factsheet


To learn more about establishing a fund at York County Community Foundation, contact info@yccf.org or call 717.848.3733.