Charitable Gifts of Life Insurance
Life insurance can be used to create a fund in The New York Community Trust
Many people find in later years that they don’t need all the insurance they did when they were younger. They donate the policies to the funds they established here. If a policy is fully paid up, the tax deduction is either the replacement value or the donor’s cost, whichever is less.
If a policy is not paid up and the donor decides to contribute the premiums, those amounts become deductible as charitable contributions. In either case, the donor gets an immediate tax deduction and substantial estate tax savings later.
How to set up a fund>>
Why donors choose The Trust>>