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Gifts of Life Insurance

Gifts of Life Insurance

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GIFTS OF LIFE INSURANCE

A gift of life insurance is an innovative way of making a highly leveraged endowment to Peltz Center for Jewish Life.

A donor wishing to contribute life insurance to Peltz Center for Jewish Life has many options to choose from. You could donate a new or existing policy by transferring it to Peltz Center for Jewish Life and naming Peltz Center for Jewish Life as owner and beneficiary. This yields substantial benefits, since the premium payments will provide you with an income tax deduction. Also, your estate will be undiminished by this gift since the policy proceeds pass directly to Peltz Center for Jewish Life outside your estate and are not subject to probate or estate taxes. And the endowed gift to Peltz Center for Jewish Life will be substantially larger than the amount used to fund the policy.

Alternately, you might decide to add Peltz Center for Jewish Life to an existing policy as a remainder beneficiary. Or you could utilize the values in an existing policy to fund a more highly leveraged one; since premiums are based on mortality rates, gifts of life insurance are very affordable for younger donors and enable them to make sizable donations.

There are also creative ways that life insurance combined with charitable trusts can be utilized as asset replacement plans. A wealth replacement trust is a sophisticated charitable estate planning tool that utilizes a charitable remainder trust coupled with life insurance. A wealth replacement trust transfers property free of federal estate and state inheritance taxes, and often provides an even greater inheritance for your heirs. It replenishes estate values for your children or other beneficiaries through the purchase of life insurance. You can provide a lasting legacy to Peltz Center for Jewish Life and to your heirs.

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