Planned Giving - Gifts of Life Insurance
Life insurance can permit a donor to make a substantial gift for relatively modest annual outlay. It can also be used to replace an asset that has been given to a charitable organization.
There are several ways to make a gift of life insurance to Albany Medical Center:
- Purchase a life insurance policy and name Albany Med as the beneficiary and "owner."
You pay the annual premium, which you can deduct from your income tax as a charitable gift, to Albany Med who in turn pays the insurance company. On your death, Albany Med receives the life insurance benefit free of any taxes.
- Gift an existing policy to Albany Medical Center.
If you have a life insurance policy that you no longer need, consider giving it to Albany Med. You may receive an income tax deduction in the year of the gift, as well as for future premiums that you pay.
- Name Albany Medical Center as beneficiary on your policy for either all or a portion of the death benefit.
You will still own the policy, but will continue to have access to any cash value. Although this approach may not provide a federal income tax deduction in the current year, your estate may receive an estate tax reduction for the amount of the death benefit that you bequeath to Albany Med.
The Albany Medical Center’s office of Gift Planning will gladly assist donors and their attorneys in gifting life insurance to the college or hospital.
For more information please contact:
Laura O'Brien
Director, Planned Giving
(518) 262-6835
obrienl@mail.amc.edu
