Gift of Life Insurance
Community as your beneficiary
Life insurance provides a simple way for you to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime.
How it works
-You make the Foundation for Appalachian Ohio the owner and irrevocable beneficiary of your life insurance policy - you can either give a paid-up policy or continue to pay premiums.
-You receive a tax deduction for the approximate cost or fair market value, whichever is less. If the policy is paid up, you may receive an immediate tax deduction. If it is not, you can claim continuing tax deductions on premium payments you make directly or through gifts to the Foundation for Appalachian Ohio.
-Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
-Our professional program staff considers your charitable wishes and determines the community needs that would be most impacted by grants from your gift.
-Our board issues grants in the name of the fund you establish (if you prefer, your awards can be made anonymously).
-We handle all the administrative details.
-Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift - and all future earnings from your gift - is a permanent source of community capital, helping to do good work forever.
Giving life insurance through the Foundation for Appalachian Ohio is one of the simplest ways to make a significant contribution to your community and establish your legacy of giving. You can make a gift when life insurance is no longer needed for personal financial wealth replacement. You may receive a number of tax benefits, including reduced income taxes and estate taxes. And, if you choose to continue paying premiums through the Foundation for Appalachian Ohio, you will be entitled to a charitable contribution deduction of up to 50 percent of your adjusted gross income.
You can replace the dollar value of an asset transferred to the Foundation for Appalachian Ohio with a life insurance policy. Or you can use regular payments from a Charitable Gift Annuity or Charitable Remainder Trust to establish an irrevocable life insurance trust. The trust you can purchase insurance on your life to benefit your heirs. This way, you can make a gift to the Foundation for Appalachian Ohio and replace the value of this gift within your estate with life insurance proceeds.
The Foundation for Appalachian Ohio provides a simple, powerful, and highly personal approach to giving. We offer a variety of giving tools to help people achieve their charitable goals.
You can make a gift of cash, stocks, bonds, real estate or other assets to the Foundation for Appalachian Ohio. Most charitable gifts qualify for maximum tax advantage under federal law. For more information and ideas on ways to integrate your financial planning with charitable giving, ask your financial advisor or contact the Foundation for Appalachian Ohio.