As you explore the opportunity to give to the campaign for northern Chautauqua, talk with your advisors to see if a gift of life insurance might be a fit for you.
It’s easy, for example, to name NCCF as the beneficiary of your life insurance policy. In particular, you may be evaluating so-called “second-to-die” life insurance policies as a shield against anticipated estate taxes, especially as the estate tax exemption is scheduled to drop back down at the end of 2025.
In the case of whole life policies, naming NCCF as beneficiary and transferring the policy itself could be particularly advantageous because you may be able to make annual, tax-deductible contributions to NCCF to cover the annual premium.
Another idea is to consider increasing the coverage under an existing policy.. Because policy premiums generally do not rise proportionately to benefit amounts, expanding the benefits can be cost efficient. For example, if you would like each of four family-member beneficiaries to receive $250,000 from a million-dollar life insurance policy, adding $250,000 of benefit will typically not increase the premium by 25%. In fact, the benefit-to-premium ratio may improve. In a case like this, you could name the four family-member beneficiaries and NCCF to each receive ⅕ of the policy benefits. Depending on your overall financial and estate planning picture, a technique like this might truly deliver bang for the buck.
Reach out to the NCCF team to explore ways you can use life insurance policies to support the campaign. We’d love to talk!