A gift of life insurance can be a low-cost yet generous way to make a meaningful contribution to the Lookout Mountain Conservancy. It is a good way to leverage affordable premium payments into a substantial future donation. There are several ways you can give your life insurance policy, or the death benefits from it, to the Lookout Mountain Conservancy.
- Reduction in your estate taxes, because the proceeds of the policy are no longer part of your estate.
- A charitable deduction when you name Lookout Mountain Conservancy as a beneficiary or assign ownership to the land trust.
Designate Lookout Mountain Conservancy as a Beneficiary
When you do that, in part or in full, you retain ownership of the policy and have the flexibility to make changes to the beneficiary designation later, but any policy proceeds distributed to the Lookout Mountain Conservancy will be exempt from estate tax. As the beneficiary, Lookout Mountain Conservancy will receive the death benefits when you die.
Donate Your Life Insurance Policy
In return for donating a portion or the entirety of your policy, you can claim an income-tax deduction for either the tax basis or the fair market value of the policy, whichever is less, for the year of the donation; in subsequent years, you may designate deductible cash gifts to the Conservancy, which you can use to make the premium payments.
Once we receive confirmation of your gift, you will become part of the Mountain Top Giving Circle.
For more information, please contact your financial advisor or call Robyn Carlton, CEO, at 423-424-3882 or email her at firstname.lastname@example.org. She’ll be happy to put you in contact with a financial advisor who donates his time to help people like you, contribute to the Lookout Mountain Conservancy.
Note: Some states do not allow a charity to purchase a donor's life insurance policy. Please check with your legal or financial adviser for the laws applicable in your state of residence.