Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to Soar Inc.. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Soar Inc.. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of retirement assets
- Simplify your planning
- Ensure your 100% of your assets are distributed to charitable causes and your heirs
- Avoid taxes eating up your unused retirement assets
- Support the causes that you care about
- Use a life Insurance policy to make sure your heirs inherit funds without taxation
- Continue to use your account as long as you need to
- Heirs can instead receive tax-advantaged assets from the estate
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
- Purchase a life insurance policy consistent with the amount you want to leave your heirs
- Once the insurance company issues the life insurance policy, change the beneficiary of your Qualified Retirement Plan (QRP) to SOAR, Inc
- Upon your death, your heirs will receive the life insurance death benefit without the burden of having nearly 40% taxes removed
- To leave your retirement assets to Soar Inc., you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Soar Inc. as beneficiary, we will benefit from the full value of your gift because your retirement assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
Additional Information
You can also designate Soar Inc. as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on the whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.
