Life Insurance can be used to make a substantial gift to The John and Mable Ringling Museum of Art. Following are just a few of the ways you can use life insurance to make a meaningful gift to the Museum.
Name the John and Mable Ringling Museum of Art beneficiary of an existing policy.
When you include the Ringling Museum as the sole beneficiary or a partial beneficiary of your policy, you maintain these assets in the policy during your lifetime in the event you need them. Once the policy matures, the assets within it will transfer to the Museum and be used for the specific purpose you designate. To accomplish this type of gift, simply provide the Ringling Museum with a copy of the beneficiary designation page included with the policy. Contact the policy administrator to obtain the appropriate forms.
Donate an obsolete policy.
You may no longer need a policy because its original purpose no longer exists. Generally, by assigning the Ringling Museum ownership, you will be eligible for an income tax charitable deduction.
Replace a charitable bequest in your will with an outright gift of life insurance.
This option allows you to make a substantial contribution now through the gift of the policy without reducing your family’s inheritance. Your deductible gift of an existing policy may yield enough income tax savings to pay part or even all of the future policy premiums.
Use a life insurance policy to replace assets that have been gifted.
In most states and at the federal level, life insurance is not included in a decedent’s estate for estate tax purposes if the decedent gives up all incidents of ownership. Depending on your financial situation, it may be in your best interest to remove those assets from your estate and replace their value with life insurance. If structured properly, you can make a gift to a charity and provide for your heirs at the same time. To learn more, ask your lawyer or financial advisor about using a charitable remainder trust to pay premiums on an irrevocable life insurance trust.