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Life Insurance Proceeds

Perhaps you would like to contribute the proceeds of a life insurance policy to help the community, but you are not yet ready to give up ownership of the policy. Simply by naming a community foundation as beneficiary, you can retain ownership of the policy and have access to the cash value as well as the right to change the beneficiary.
If you don’t have liquid assets right now but want to support CACF, a gift of life insurance may be a good option. For as long as you retain ownership of the policy, there is no charitable deduction for the value of the policy when you designate a community foundation as the beneficiary or for subsequent insurance premiums. However, proceeds payable to the community foundation at your death will not be subject to federal estate taxes.
We encourage you to work with your attorney or financial advisor as you consider these options. CACF’s staff is experienced in the use of these giving vehicles and is eager to work with you and your advisor in this process.
If you have questions about remainder gifts, please contact us for more information.