Gift of Life Insurance

Community as your beneficiaryt

Life insurance provides a simple way for you to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime.


How it works

• You make the Del Mar Foundation the owner and irrevocable beneficiary of your life insurance policy—you can either give a paid-up policy or continue to pay
premiums.

• You receive a tax deduction for the approximate cost or fair market value, whichever is less. If the policy is paid up, you may receive an immediate tax deduction. If it is not, you can claim continuing tax deductions on premium payments you make directly or through gifts to the Del Mar Foundation.

• Your gift is recognized in the Legacy Society in your name, in the name of your family, or in honor of any person or organization you choose.

• Our Board and staff considers your charitable wishes and determines the community needs that would benefit the most by grants from your gift.

• Our board issues grants on behalf of the Legacy Society members, including the name of the gift you establish (if you prefer, your gift can be made anonymously).
• We handle all the administrative details.

• Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

 

More benefits

Giving life insurance through the Del Mar Foundation is one of the simplest ways to make a significant contribution to your community and establish your legacy of giving. You can make a gift when life insurance is no longer needed for personal financial wealth replacement. You may receive a number of tax benefits, including reduced income taxes and estate taxes. And, if you choose to continue paying premiums through the Del Mar Foundation, you will be entitled to a charitable contribution deduction of up to 50 percent
of your adjusted gross income.

You can replace the dollar value of an asset transferred to the Del Mar Foundation with a life insurance policy. Or you can use regular payments from a Charitable Remainder Trust to establish an irrevocable life insurance trust. The trust can purchase insurance on your life to benefit your heirs. This way, you can make a gift to the Del Mar Foundation and replace the value of this gift within your estate with life insurance proceeds.

A gift that pays

When his daughters were young, Tom Miller bought a life insurance policy to provide for his family in the event of his death. Now, he’s 65, and things have changed. “My daughters are grown and doing very well. Over the years, my wife and I have become comfortable—she will no longer need the death benefit from my policy,” says Tom. The Millers support and volunteer for the Del Mar Foundation’s Cultural Arts Committee as well as the local library. “We’ve always planned to leave something for the community when we pass,” says Tom. After talking with their
financial planner, Tom decided to give his life insurance policy to the Del Mar Foundation. “After giving my policy, we received a significant tax deduction,” says Tom. “We had owned the policy for so long that we could choose to stop paying the premiums and maintain a sizable death benefit.” The Miller gift will be established with the proceeds from the policy to benefit Del Mar programs

This is a donor scenario, a realistic composite of giving stories. It is not an actual Del Mar donor story.

 

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