Many
individuals
have life
insurance
policies
whose
benefits
they no
longer need.
If this
applies to
you, you may
want to
consider
naming CBC
the
beneficiary
and
assigning the Boating
Center ownership
of the
policy.
A simple way
to make an
important
gift to the
Boating
Center is to
include
Community
Boating
Center as a
named
beneficiary
of a life
insurance
policy. Your
estate will
be entitled
to a
charitable
deduction
for the
amount of
this gift.
Or perhaps
you have a
paid up life
insurance
policy that
was needed
when you had
young
children,
but is no
longer
necessary to
meet family
needs. If
you donate
the policy
by
transferring
ownership to
Community
Boating
Center, you
are entitled
to a
charitable
deduction;
generally
the
replacement
value of the
policy.
If you
transfer
ownership of
a policy
with
premiums
(existing or
new) and
elect to
continue
paying the
premiums
yourself,
you can
receive a
charitable
deduction
and also
receive an
annual
income tax
deduction
for the
value of the
premiums
paid.
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