Gifts of Life Insurance
Our supporters often overlook the benefits of giving a life insurance policy to Music Center.
If you are carrying more insurance coverage than your family obligations now require, you may find a hidden gift asset in a surplus, paid-up policy. Alternately, you could create a gift for the future by taking out a new policy on your life and naming Music Center as the owner and beneficiary, thus creating an endowment gift from income rather than capital.
You must name us as irrevocable [you can't change the terms in the future] owner and beneficiary of an insurance policy to secure tax benefits from your gift. A gift of a paid-up policy produces a charitable deduction in the amount of the policy's cash surrender value or basis, whichever is less. If you create a new policy, we will pay the premiums, and you may deduct your gifts offsetting those payments.
More
To learn more about gifts of life insurance, Email us, complete the Information Request Form, or call us at 213-972-3333, select Gift and Estate Planning so that we can assist you.
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