Life insurance is an excellent tool for accomplishing philanthropic goals while realizing other important financial objectives. Life insurance may even allow you to make charitable gifts you would never have dreamed possible.
If you are the insured policy owner, you simply transfer physical possession of your paid-up policy to Turning Point and file an absolute assignment or transfer of ownership form with your insurance company. The insurance company will then send a letter to us showing that we are the sole owner of the policy.
Example: Emmett owns a $100,000 life insurance policy with a cash value of $40,000. No further premiums are due, and he no longer needs the coverage. He can ensure that we will receive $100,000 at his death by making us the beneficiary of the policy, or he can transfer ownership of the policy to us now. When he transfers ownership, Emmett receives an itemized charitable deduction equal to the lesser of his cost basis or the policy's replacement value (subject to limitations).
Contact us for more information about gifts of life insurance.