Making a gift of life insurance
You can name Handweavers Guild of America as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not survive you.
When you make a gift of life insurance, the benefits from your policy pass to Handweavers Guild of America, free of federal estate tax, after your lifetime.
Getting your life insurance is simple and flexible
When you name Handweavers Guild of America as owner of your life insurance policy, you may be eligible for tax savings.
Giving the gift of your life insurance involves little effort or paperwork, comes with the financial advantage of continued ownership of your policy, and removes the asset from your potential gross taxable estate. You can change your mind and your beneficiaries at any time.
If you continue to make premium payments on a policy after donating it to Handweavers Guild of America, those payments are tax deductible. Please note that Handweavers Guild of America is not able to make premium payments from its own funds.
You might even consider a new life insurance policy. With payments that are low (and perhaps even automatic), you can create a gift capable of doing much greater good in the future.
Ways to give your life insurance
To make this gift, contact your insurance carrier and request a beneficiary form.
There are two ways that you can make a gift of life insurance to Handweavers Guild of America:
You may name Handweavers Guild of America as a full, partial, or contingent beneficiary of any policy. Don’t forget employer-sponsored life insurance offered at no cost to you.
You may donate outright a life insurance policy that is no longer needed. Handweavers Guild of America would have the option of either holding or surrendering the policy to receive the current cash value. You may donate a policy that is paid up or one with ongoing premium payments.
For example, Joan bought a life insurance policy years ago that she now wants to donate to Handweavers Guild of America. Since she gave the policy to us, Joan can claim an income tax charitable deduction. The total amount of the policy is removed from her estate, and we will use the gift to help to educate and support the fiber art community.
Ask your insurance provider for more details, or consult your legal or financial advisor to help you decide which option is best for you.