If you own a life insurance policy and no longer require its protection,
you may wish to consider transferring ownership of the policy to Bard College.
It is also possible to purchase a new policy and transfer ownership to the
College. Either gift will generate a charitable income tax deduction roughly
equal to the cash surrender value of the policy on the date of the gift. In
addition, any premium payments that are made on behalf of Bard College entitle
the donor to additional charitable income tax deductions for the amount of
the premiums.
An alternative is to name Bard College as beneficiary (but not
owner) of a new or existing policy. This would allow revocation of the gift
should circumstances change. If completed, the eventual gift to the College
would qualify as a federal estate tax deduction. The gift of a life insurance
policy may allow you to make a larger donation to Bard than otherwise possible.
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