A gift of a life insurance policy may be one of the easiest and most practical ways of making a gift to The Army Historical Foundation. You may designate The Army Historical Foundation as owner/beneficiary of either a new policy or an existing policy you and your family no longer need. You may also name The Army Historical Foundation as a contingent beneficiary, should your primary beneficiary not survive you. There are several benefits to you in considering this form of gift.
- You may receive an income tax charitable deduction by assigning ownership of an insurance policy to The Army Historical Foundation.
- If you continue to pay the premiums on the policy after it is donated to The Army Historical Foundation, you will receive an income tax charitable deduction each year for the premiums paid during that year.
- If you choose to retain ownership of the policy but designate The Army Historical Foundation as the beneficiary of either a new or paid-up policy, although no income tax deduction will be generated, there will be no gift or estate tax on the value of the gift.
Your insurance agent is able to provide you with the appropriate forms to accomplish your goals.