News

Consider giving the gift of a life insurance policy

Dec 05, 2014
A life insurance policy is one planned gift option.

Many individuals make a year-end contribution to a charity for tax purposes. When assessing your estate plan, you may find that you have a life insurance policy that has been in place for a number of years but is no longer a significant part of your estate plan. Donating this insurance policy to the Kiwanis International Foundation as a planned gift can be a great way to support our foundation and extend your Kiwanis impact. It’s also a great way to become a member of the Mary and Bo Shafer Legacy Society, which honors planned gifts greater than US$50,000.

The donation process is as simple as contacting the company that holds your life insurance policy and assigning ownership of the policy to the Kiwanis International Foundation. This is an important step—simply assigning Kiwanis International Foundation as the beneficiary of the policy, though appreciated, will not provide you with the same tax benefits.

If your policy still collects premiums, it may be necessary to make annual donations to the Kiwanis International Foundation to cover the cost of the premium. However, these annual gifts still qualify as charitable donations.

Consult with your tax advisor or a certified estate planner about whether this gift may make sense for you. For more information on life insurance donations or planned giving, please contact Steve Hinson, manager of major and planned giving, at shinson@kiwanis.org or +1-317-270-4339.

Note: The Kiwanis International Foundation does not provide financial or legal advice. You should always consult your financial and legal advisors about your personal situation before proceeding with your gift.