Life insurance may offer an attractive way to make a major gift to the Museum. If you have a current policy, you may want to name the Museum as a beneficiary or contingent beneficiary. Any benefit the Museum receives from your insurance will be excluded from your taxable estate.
By taking the extra step of naming the Museum the irrevocable beneficiary and owner of your life insurance policy, you can obtain an immediate income tax charitable deduction equivalent to either the policy's cash surrender value or replacement value. If additional premiums are due, you can deduct those payments as charitable contributions each year.
All inquiries are confidential and without obligation.
Federal Tax ID: 74-2689943
The purpose of this web page is to provide information of a general nature only. Advice from your own legal and tax counsel should be sought when considering any gift arrangement.