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Do you carry more life insurance than your family obligations currently require? Donors are often surprised to learn that their surplus, paid-up life insurance policies can be used to fund a significant gift to InterVarsity. Their charitable deduction is the lesser of the fair market value of the policy - we can guide you in determining this - or their cost basis, which is the total of their net premium payments. Alternately, our younger donors may be interested in taking out a new insurance policy as a gift, thus securing a large benefit for InterVarsity out of income rather than capital. The donor will then make annual gifts to InterVarsity in the amount of the premium payments; we will, in turn, pay the premiums to the insurer. It is important that InterVarsity be named the irrevocable owner of a new policy, because the IRS does not allow deductions for premiums if the donor has retained ownership of the policy. Note: If the donor has borrowed against an insurance policy, a gift of the policy will create taxable income for the donor, in the amount of the difference between the loan balance and the total of the premium payments. Please consult our office if you are considering such a gift. Submit a confidential reply form
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InterVarsity Christian Fellowship/USA® does not offer legal or tax advice for your gift plans, but we do strive to provide helpful educational information and also strive to work carefully with you and your advisors to help you to accomplish your charitable goals. Copyright © 2001, VirtualGiving.com |