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Leave Behind a Gift Beyond Your Means Using Life Insurance
Using your life insurance policy gives you the ability to make a lasting impact at the VFW National Home for Children with a substantial gift and can involve low out of pocket costs. A couple ways to do this include:
- Simply change the beneficiary on an existing policy to the Veterans of Foreign Wars National Home for Children, although the value is not tax-deductible.
Example:
Helen owns and pays an annual premium on a $100,000 life insurance policy. She cannot give as generously to the National Home as she would like. Rather than trying to make large annual gifts, she chooses to make the National Home the beneficiary of her life insurance policy, allowing her to bequest a substantial gift.
- Or, transfer the ownership and primary beneficiary of a cash value life insurance policy to the National Home. You will receive a charitable tax deduction for making the gift and any additional premium payments toward the policy will be tax deductible.
Example:
George owns a cash value life insurance policy. He changes ownership of the policy to the VFW National Home for Children and makes the National Home the primary beneficiary. This allows him to receive a charitable tax deduction for the cash-surrender value of the policy and for the future premiums he pays.
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