Benefits of Gifts of a Life Insurance Policy to the Stuyvesant High School Alumni Association
- Receive a charitable income tax deduction.
- If the Stuyvesant High School Alumni Association retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums.
- If the Stuyvesant High School Alumni Association cashes in the policy, you will be able to see firsthand how your gift furthers the Alumni Association’s mission.
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to the Alumni Association so that we can use them to further our mission.
HOW TO MAKE A GIFT OF A LIFE INSURANCE POLICY
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include the Stuyvesant High School Alumni Association as the beneficiary of your policy.
Your deduction for the gift of a life insurance policy to the Alumni Association will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.
You can also designate the Stuyvesant High School Alumni Association as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and you can make use of the policy during your lifetime. Note that designating the Alumni Association as a beneficiary of a life insurance policy you continue to own will not generate a current income tax deduction. Your estate may benefit from an estate tax charitable deduction.
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to assist you and answer any questions that you have.
The Stuyvesant High School Alumni Association does not provide tax, legal or financial advice. Any document or information shared by our staff is intended to be educational. The Alumni Association strongly encourages all of our benefactors to seek counsel from their own legal and financial advisors. Please know that any information or documents shared by the Stuyvesant High School Alumni Association cannot be used to avoid tax-related penalties.