| Return to Ways to Give |
| Your gift through your Life Insurance Policy |
The gift of a life insurance policy can provide significant support to the
Greater Niagara General Hospital Foundation, while only costing a
fraction of the value of the gift. Plus, it has no effect on the rest of your
estate -- your beneficiaries still receive everything you have allocated to
them through your will.
There are a couple of options in how you may choose to apply a life
insurance policy when making a charitable gift.
Greater Niagara General Hospital Foundation, while only costing a
fraction of the value of the gift. Plus, it has no effect on the rest of your
estate -- your beneficiaries still receive everything you have allocated to
them through your will.
There are a couple of options in how you may choose to apply a life
insurance policy when making a charitable gift.
- Name the GNGH Foundation as beneficiary of a life insurance
policy. Upon death, the proceeds pass outside your estate
providing both privacy and protection from estate administration
taxes (also known as probate fees) and the charitable tax receipt
issued by the GNGH Foundation will alleviate the tax burden on
your estate.
- Or, you may choose to transfer ownership of a life insurance policy
(new or existing) and continue to maintain premium payments on
that policy. With the GNGH Foundation designated as the owner
and beneficiary, all premiums paid on the policy by the donor are
deemed to be a charitable donation and will produce a charitable
donation deduction on the donor's annual tax return in the year the
premium is paid. However, there is no tax benefit at the time of
death.
| Leaving a gift by naming the GNGH Foundation as a beneficiary of your life insurance policy entitles you to become a member of the Heritage Society. |
| Always consult with your professional advisor (estate lawyer, accountant, insurance representative, or financial planner) before making any planned gift. |
