LIFE INSURANCE

Life insurance can be a very flexible tool in estate-based philanthropy. As with other giving vehicles, you can help Lemon Bay Conservancy while also receiving tax benefits for you and your heirs.

LEMON BAY CONSERVANCY AS BENEFICIARY

Among the easiest ways to use your life insurance to make a gift to Lemon Bay Conservancy is to name the Conservancy as a beneficiary.

If your policy is paid up and you name the Conservancy as owner and beneficiary, you are eligible for a charitable deduction equal to your cost basis or the replacement value of the policy, whichever is less.

If your policy is not paid up, you can still name the Conservancy as owner and beneficiary. This would entitle you to a deduction of the cash surrender value of the policy. After the policy has been gifted to the Conservancy, you can make yearly tax-deductible contributions to the Conservancy to cover any further premiums.

WEALTH REPLACEMENT

You can also use life insurance to replace the value of other assets that you are donating to the Conservancy. For example, purchasing a life insurance policy for the value of a gift of real estate donated to the Conservancy can help ensure the financial well-being of your heirs without subjecting them to the hassle of selling the property.

If you would like further information about making a gift of stock, contact us at 941-830-8922 or lbconservancy@comcast.net.

This information reflects, in very general terms, how a gift might affect specified tax liabilities. This is not an effort to reflect your current tax picture or suggest that a particular gift will have the indicated result in your case; only your lawyer and accountant can do that. We suggest you consult your professionals before acting upon the concepts reflected here.