The options for life insurance gifts to the Lucy Robbins Welles Library are wide open. Your existing policy, paid-up policy or new policy can be used to make a gift of life insurance to the Library. Naming the Lucy Robbins Welles Library as the owner and beneficiary of an existing whole life policy can result in an immediate income tax deduction. If the Lucy Robbins Welles Library is named both the owner and beneficiary of a new policy, or one that is not fully paid up, then deductions for continuing annual premium payments are possible.
Designating the Lucy Robbins Welles Library as beneficiary or successor beneficiary of a single, term or group life insurance policy is also an option, although the tax benefits are not as significant.
Contact the Library Director for more information on arranging the specifics of how your policy’s eventual proceeds will be used, as well as maximizing the benefits to you and the Library.
Benefits of Life Insurance Gifts
- Immediate benefit to the Lucy Robbins Welles Library to fulfill its mission
- Immediate charitable deduction can reduce the net cost of your gift