Gift of life insurance

Peter purchased a whole life policy years ago to guarantee funds for his children's education. His children have graduated and are now financially independent, yet Peter still owns the policy and pays the annual premium. Peter decides to assign the policy to the Community Foundation of Greater Memphis. He realizes an immediate tax savings. In the coming years, Peter makes an annual gift to the Community Foundation, which then pays the insurance premium. Peter is able to take a charitable tax deduction equivalent to the amount of the gift each year. After Peter's lifetime, a permanent fund will be established in Peter's name at the Community Foundation of Greater Memphis for the causes and charities he selects.

You may also want to receive an immediate tax deduction and substantial estate tax savings later by irrevocably assigning an insurance policy to the Community Foundation of Greater Memphis. Email Director of Development Caroline Kuebler or call her at (901) 722-0036 to learn more.