Gifts of Life Insurance
Did you know that you can gift life insurance to AJC and provide a highly leveraged planned gift?
There are several ways you can use life insurance to provide a larger legacy. Funding a charitable gift through life insurance enables you to leave a substantial legacy for a relatively modest outlay. If you have multiple insurance policies that you no longer need for their original uses, you might gift one of those policies to AJC. This might be especially advantageous for younger donors since it is an affordable way to make a meaningful planned gift to AJC.
When you transfer an existing life insurance policy and designate AJC as the irrevocable owner and sole beneficiary, you are eligible to receive a charitable income tax deduction for the current value of the policy. You can also utilize the cash value of an existing policy to fund a new life insurance policy with a larger endowed benefit for AJC.
AJC accepts gifts of whole life policies or universal policies fully or partially paid. For policies that are partially paid, if you name AJC as the owner and the irrevocable beneficiary of your life insurance policy, you continue to pay the annual premiums through AJC.
How to Designate AJC as an Owner and/or Beneficiary of Your Life Insurance Policy: The financial institution administering your life insurance policy, can furnish you with a change of beneficiary form and instructions on how to transfer ownership of the life insurance policy to AJC. You will need the following information:
Beneficiary: American Jewish Committee, 165 East 56 Street, New York, NY 10022
Federal Tax Identification Number: 13-5563393
If you are concerned about providing financial security for your loved ones, the Asset Replacement Plan is a creative estate-planning and financial strategy that ensures that the value of your charitable planned gift to AJC will be replaced if not increased for your heirs to inherit. A charitable remainder trust used in conjunction with an irrevocable life insurance trust can benefit everyone — you, your spouse, your children, and AJC.