The Surprisingly Strategic Asset Smart Donors Use to Give
Donating a life insurance policy can be an easy way to make a substantial contribution to life-saving care at Royal Columbian. It also delivers substantial tax savings to your family.
Your estate will receive tax benefits if you name Royal Columbian Hospital Foundation as a beneficiary of your policy. However, if you designate Royal Columbian Hospital Foundation as the owner and beneficiary of the policy, you can realize those tax benefits today.
There are several ways to make a gift of life insurance.
- Name Royal Columbian Hospital Foundation as the beneficiary of your insurance policy.
Upon passing, your estate will receive a donation receipt for the full amount that Royal Columbian Hospital Foundation receives under the terms of your policy. - Establish a new policy that designates Royal Columbian Hospital Foundation as the owner and beneficiary.
You can then claim any and all premium payments as a charitable donation on your tax return. - Transfer ownership of an existing policy with premiums still owing.
The Foundation will issue a donation receipt for the cash surrender value of the policy. When you make further payments, the Foundation will issue additional annual donation receipts for the value of the premiums. - Donate a fully paid policy you no longer need.
The Foundation will immediately issue a donation receipt for the policy’s cash surrender value, plus any accumulated dividends and interest.
Why Give a Gift of Life Insurance
- There is no need to involve a lawyer and no legal fees.
- It is private.
- It cannot be contested.
- It is easy to give. Just request a beneficiary designation form from your insurance broker.
Whether you need the tax relief today or tomorrow, a gift of life insurance could be right for you.