Gifts of life insurance are made by transferring ownership of an existing or new policy to GPRC. You receive a charitable tax receipt for premiums paid after the date of transfer. You can also name the College as beneficiary of your policy – the resulting tax credit will reduce estate taxes and increase the after-tax value of your estate for other beneficiaries.
Gifts of life insurance are an affordable way to make a difference. A modest annual premium paid over time will result in a significant future legacy.
There are three ways of making a gift of life insurance:
- You can donate an existing policy and receive a charitable tax receipt for the net cash surrender value (less any outstanding policy loans) and any premiums paid after the date of transfer of ownership to GPRC
- You can take out a new life insurance policy, name GPRC as the owner and beneficiary, and receive a charitable tax receipt for any premiums paid after the date of transfer of ownership to GPRC.
- You may also name GPRC as beneficiary of your policy, or the life insurance policy from your employer, and your estate will receive a charitable tax receipt equal to the death benefit proceeds paid directly to the College.
This information is general in nature, does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. We strongly encourage you to seek legal, estate planning and/or financial advice before deciding upon your course of action. If you are considering a planned gift, we recommend that you do so in consultation with your financial planner and/or legal counsel.
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