Life Insurance Plan
Using a life insurance policy in your planned giving is a perfect way to make a leveraged gift to AID Atlanta. By making small payments each year into your policy for a number of years, you can leave a bequest of sizable proportions to AID Atlanta. Upon the death of the insured, the policy proceeds going to AID Atlanta will be an estate tax charitable deduction.
There are two ways to ways to give a gift of a life insurance policy:
- Gift of existing policy – AID Atlanta becomes the owner and beneficiary. You get an immediate charitable income tax deduction for the lesser of current cash value or premiums paid. Any future premiums you pay are deductible as contributions.
- Name AID Atlanta as a beneficiary of a new or existing policy – You keep control of the policy while naming AID Atlanta as a full or partial beneficiary. For this gift you are entitled to a charitable deduction for the value of the initial premium and you will receive additional deductions when you make later premium payments.
For more information on planned giving options, or to set up an appointment to explore how a charitable gift to AID Atlanta may fit into your overall estate planning, please contact Ed Doolittle at 404.870.7728 or firstname.lastname@example.org.