Many of our Legacy Society members have chosen to use life insurance as tool to plan for their charitable giving in perpetuity. A gift of life insurance can represent a substantial future gift to the charities of your choice at relatively little cost with the ability to be funded over a long period of time.
Creating a permanent endowment through the use of life insurance can play a major role in fulfilling your charitable mission and preserving your legacy.
Make the Foundation the owner and beneficiary of an existing policy
In addition to removing the value of the policy from your estate you may also be eligible for a charitable contribution tax deduction equal to the current cash value of the policy. Annual contributions equal to future premiums will also be deductible in the year donated.
Make an annual contribution to the Foundation and we will purchase a new life insurance policy on your life
Annually you make a contribution to the Foundation in an amount that is sufficient to pay the premiums. The annual contributions are tax deductible charitable contributions (limitations apply.) The policy proceeds will not be included in your estate.
Name the Foundation as the beneficiary of an existing policy
Under this approach there is no current tax benefit however, if you are the owner of the policy, the death benefit of the policy may be treated as an estate tax deduction.
The Foundation for Jewish Philanthropies would be honored to assist you and your family in preserving your legacy.
Irving H. Levy, Executive Director
(716) 204-1139 • 716-390-9653 • Irv@jewishphilanthropies.org
Lorne Steinhart, Senior Manager of Client Relations
(716) 204-1135 • Lorne@jewishphilanthropies.org
The Foundation for Jewish Philanthropies does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. The Foundation makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.