Designate D.E.L.T.A. Rescue as the Beneficiary or “Owner” of your Life Insurance Policy
There are several ways you can make a gift of life insurance to D.E.L.T.A. Rescue.
You can either designate D.E.L.T.A. Rescue as a beneficiary of all or a portion of the policy proceeds. This is a simple, cost effective procedure and will keep the insurance proceeds out of probate . An estate tax deduction is permitted for up to 100% of the proceeds received by D.E.L.T.A. Rescue which can save your estate substantial taxes and leave more for your heirs. Simply contact your insurance carrier and request a beneficiary form.
You can also purchase a new policy and designate D.E.L.T.A. Rescue as the owner. Any premiums you pay after the assignment are tax deductible.
Finally, you may assign your paid-up life insurance policy to D.E.L.T.A. Rescue and receive an income tax deduction equal to the replacement cost of the policy. This is a very good option if you find that you no longer have a need for your policy.
For example, Ron S. had a life insurance policy where the sole beneficiary was his wife, Mary. They had no children. Mary passed away and Ron found that his paid up policy, was no longer necessary. He assigned the policy to D.E.L.T.A. Rescue and received a substantial income tax deduction. He also had the satisfaction of knowing that both he and Mary, with their gift had made a significant difference in the life of an animal abandoned in the wilderness.
Ron also had an old “key man” life insurance policy on himself for the business he owned. After he sold his business and retired he no longer needed the policy. He donated this old policy to D.E.L.T.A. Rescue. D.E.L.T.A. Rescue was then able to sell the policy and use the money to help fund our animal rescue mission.
There are many other creative ways to incorporate gifts of life insurance into your overall estate plan. With any approach you take however, your gift of life insurance will make a lasting contribution to D.E.L.T.A. Rescue.
Related Estate Planning Options:
- Designate D.E.L.T.A. Rescue as a Beneficiary of Securities Funds, Bank Accounts or Pension/Retirement Plans
- Gifts of Bank Accounts or Securities Account
- Gift of Retirement /Pension Fund
- Designate D.E.L.T.A. Rescue as the Beneficiary or “Owner” of your Life Insurance Policy
- Charitable Remainder Trust (CRT)
- Matching Gifts
- How to Name us as Your Beneficiary for your Will, Trust or Bank Accounts
- Retained Life Estate
- Companion Trust Program
- Current Gifts of Appreciated Securities
For more information please contact us.