Insurance Gifts Have Impact Beyond Your Lifetime

Life Insurance Policies
Individuals with a life insurance policy they no longer need, might consider naming Marion Community Foundation as the owner and beneficiary of the policy. By doing so, you receive an immediate tax deduction, which usually approximates the cash surrender value of the policy. All premium payments made by you thereafter will be deductible as a charitable contribution.

If you would like to contribute the proceeds of a life insurance policy to help the community, but are not yet ready to give up ownership of the policy, simply name Marion Community Foundation as a beneficiary of your policy. You retain ownership of the policy and have access to the cash value as well as the right to change the beneficiary.

If you don’t have liquid assets right now but want to support a favorite charity, a gift of life insurance may be a good option. While you retain ownership of the policy, there is no charitable deduction for the value of the policy when you designate Marion Community Foundation as the beneficiary or for subsequent insurance premiums; however, proceeds payable to Marion Community Foundation at your death will not be subject to federal estate taxes.

We encourage you to work with your lawyer, insurance agent, or financial advisor as you consider these options. Our staff is experienced in the use of these giving vehicles and is eager to work with you and your advisor in this process. If you have questions, please contact us for more information.