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.