gift2

 Life Insurance

You have the ability to make Wofford the owner and beneficiary of a life insurance policy and you receive income tax deductions. OR, you can make Wofford the beneficiary of a policy and your estate will be allowed a charitable tax deduction.

How It Works:


If Wofford is the owner and beneficiary of the policy…
    • You amend an existing policy or take out a new policy designating Wofford as the owner and beneficiary.
    • You receive an income tax deduction in the amount of the present value of the policy.
    • If premiums remain to be paid on the policy, you make outright gifts to the college in the amount of the premium (for which you will receive a tax deduction) and Wofford is responsible for paying annual premiums.
    • Wofford receives the policy's death benefit without taxation and the delays and expenses of probate.

If Wofford is the beneficiary (but not owner)…
    • You amend an existing policy or take out a new policy designating Wofford as the beneficiary.
    • If applicable, you continue to make annual premium payments.
    • Wofford receives the policies death benefit without taxation and the delays and expenses of probate.
    • Your estate receives a charitable tax deduction.

 Assets Used:

    • An existing or new life insurance policy
    • Whole life policies are preferred

Benefits:

    • You will enjoy a reduction in taxes
    • You have the ability to make a gift significantly larger than you could from current assets
    • You have the opportunity to impact a program, department or future generations of students at Wofford

You might be interested if…

...Your circumstances have recently changed. Things such as children becoming adults, the passing of a spouse, or retirement can alter your need for insurance in the case of your own death.

Example