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Gifts of Life Insurance
A gift of life insurance to SOHO can result in a charitable deduction for the donor at a relatively low cost. There are different ways to give through life insurance, summarized as follows:
2. New policies. By making SOHO the owner and beneficiary of a new policy, the donor can take an income tax deduction for the amount of premiums paid.
3. New policies in a wealth replacement vehicle. Those individuals who establish a charitable remainder trust (See Charitable Remainder Trusts) can also establish an insurance trust that purchases a life insurance policy for the benefit of their heirs. The life insurance policy can be paid for by the tax savings created by the charitable remainder trust. The donor then receives income for life from the charitable remainder trust. Thereafter the donor's heirs receive benefit from the life insurance proceeds and the charity, such as SOHO, receives the trust assets at the donor's death.
For more information - contact Bruce Coons, Executive Director
EASY WAYS TO DONATE
Contribute to any one of these important funds and personalize your donation to meet the areas you care most about!
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