GIFTS OF LIFE INSURANCE
Gifts of life insurance are welcomed in supporting our mission of caring for the elderly. A modest premium will provide thousands of dollars of benefit for the elderly we care for. One way to achieve this is through the purchase of a new insurance policy naming Community Aging and Retirement Services Inc. as both the irrevocable owner and beneficiary.
As premium payments are made to the insurer, they would be deductible by the donor for federal income tax purposes if the charity is both the irrevocable owner and beneficiary of the policy. Premium payments may generate a potential federal income tax deduction of up to 50 percent of the adjusted gross income of the donor, with a 5-year carry forward of any excess. Favorable gift and estate tax consequences may also result from such a gift.
Once the policy is issued, we would appreciate having a copy of the policy for our records.
If you currently have a life insurance policy you can name CARES as the first, second, or contingent beneficiary of existing policies. This can be accomplished by simply using a change of beneficiary form which any policyholder can request from the life insurance carrier.