Gift of Life Insurance

What It Is:

 Life Insurance allows you to make a present, rather than a future gift, which may be much larger than you think might otherwise be possible. Gifts of insurance are generally affordable, especially for younger donors.

 

How It Works: 

You name any IT’S YOUR LEGACY partners as a beneficiary of a new life insurance policy. If the gift is irrevocable and any IT’S YOUR LEGACY partner is the owner and beneficiary of the policy, you are entitled to a charitable income tax deduction for all premiums paid. Existing policies may also be contributed, and you are entitled to a charitable income tax deduction for an amount essentially equivalent to the cash value of the policy.

 

Advantages:

• Many (especially young people) find that insurance is an ideal way to create an endowment larger than they could otherwise afford
• Premiums paid are tax-deductible
• You can honor or remember a loved one, or create your Jewish legacy in your own name

To learn more, contact Ted Flaum at tflaum@stpaulfed.org or 651-695-3192.