Life Insurance
![[Photo from the production "James Joyce's The Dead".]](images/thedead.jpg)
When
you bought your life insurance policies, you obviously felt a need for
them. But perhaps you do not need all that coverage today. Yet you still
have those policies.
If you are thinking about a contribution to the Kennedy Center and National Symphony Orchestra, a gift of life insurance could be a sensible and generous course of action. You can also use life insurance to replace the value of an outright donation. For example, you could donate stock to the Center and benefit by avoiding capital gains taxes. You may then purchase life insurance to benefit you heirs in the amount they would have received had you left them the stock.
Setting up a Life Insurance plan:
- If you have an
already existing life insurance policy, you may contact the insurance
company to name the Kennedy Center and National Symphony Orchestra ultimate
beneficiary.
- If you would like
a current income tax deduction, you may also transfer ownership to the
Kennedy Center and National Symphony Orchestra on existing policies.
- If you would like to establish a new life insurance policy naming the Kennedy Center and National Symphony Orchestra irrevocable owner and beneficiaries, please contact your preferred insurance company. The most efficient way to make premium payment sis to make a contribution equal to the premium payment directly to the Kennedy Center and National Symphony Orchestra requesting they pay the premium. The IRS will provide a charitable income tax deduction.
The benefits of a Life Insurance plan:
- Charitable deduction
when you name us beneficiary and assign us ownership
- Flexibility through
naming us beneficiary but keeping ownership
- Security for you
family by naming us contingent beneficiary
- Reduction in estate taxes because proceeds are removed from your estate
