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The Hidden Gift Asset
Our
supporters often overlook the benefits of giving a life
insurance policy to the Friends of Mammoth Cave Foundation.
If you are carrying more insurance coverage than your family
obligations now require, you may want to consider gifting an
unneeded, paid-up policy. If you transfer all rights and
incidents of ownership of your policy to the Friends of
Mammoth Cave Foundation, you will be eligible for a
charitable income tax deduction equal to the policy’s cash
surrender value or cost basis, whichever is less. The
insurance policy must be whole life, not term insurance. The
value of your gift for gift crediting purposes will be the
cash surrender value of your policy on the date of the
transfer.
Gifts of
life insurance policies may be accepted upon review and
approval of the Executive Committee of the Friends of
Mammoth Cave Foundation Board of Directors.
The Friends
of Mammoth Cave Foundation reserves the right to cash in any
policy it owns at any time at its sole discretion. Of
course, you may designate the Friends of Mammoth Cave
Foundation as the revocable beneficiary of a life insurance
policy at any time. Such a designation will not, however,
provide you with any immediate tax benefits.
WARNING: Consult your legal and tax advisors before making
any material decisions based on this information.
For more
information:
Email us,
complete the
Personal Illustration Form, or call us at (270)
773-2887 so that we can assist you.
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Bequest
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Appreciated Securities
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Cash
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Life Insurance
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Real Estate
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Retirement Plan
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