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You are here: LRH Foundation Home | Ways To Give | Gifts of Life Insurance
By transferring the ownership of a new or existing life insurance policy to the LRH Foundation, you can leverage a significant gift from a relatively small contribution.
Insurance is not subject to probate and therefore flows outside of your estate and is not subject to challenge. As with any gift to the Foundation, you can choose which area of the Hospital you would like to benefit.
By naming the charity as owner and beneficiary of the policy, premiums paid by the donor fully qualify for charitable tax receipts. This greatly reduces the after tax cost of making an insurance gift, and reduces the total cost of the gift to a fraction of the value of the eventual gift.
- You can donate an existing policy by transferring ownership of the policy to the Foundation, and naming the Foundation as beneficiary. You will be entitled to a charitable receipt for the total cash value of the policy or the Foundation can issue a tax receipt to your estate for the proceeds.
- If you have an existing policy that you no longer need, you can have the ownership and beneficiary designation transferred to the LRH Foundation. A tax receipt will immediately be issued for the cash value.
- Because a gift of life insurance can result in a significant gift, it is often possible for the Foundation to set it up as an endowment fund, creating a last legacy in the name of the donor or the name of a loved one of the donor's choice.
To learn more about this type of donation please contact us.
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