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Life Insurance: Security and Safety

Life insurance: security and safetyBy transferring to Hospice of Marion County, gifts of life insurance may be used in one of two ways:

  1. An older policy the donor no longer needs. Hospice of Marion County is named as both the beneficiary and the irrevocable owner of the policy to be deemed a charitable gift. Typically, you will receive an income tax deduction for the policy’s fair market value or cost basis, if lower, on the date of the gift.
  2. New funds to purchase a policy on the life of the donor. If the donor contributes future premium payments, Hospice will include the entire amount of the additional premium payment as a gift in the year it is made. If the donor does not elect to continue to make gifts to cover premium payments, Hospice may choose to:
    • continue paying the premiums
    • convert the policy to paid-up insurance
    • surrender the policy for its current cash value

Such designations are not recorded as gifts until the gift is irrevocable. While the life insurance policy will identify Hospice of Marion County as the beneficiary, we will work with the donor to determine how the gift should be used.

How it helps you:

  • When you name Hospice of Marion County as the owner:
    • Receive a charitable deduction
    • Reduce estate taxes
  • When you name Hospice of Marion County as the beneficiary:
    • Obtain flexibility while keeping ownership
    • Secures your family’s needs first

 

Disclaimer registration #: CH1781
A copy of the official registration and financial information may be obtained from the Division of Consumer Services by calling toll-free 1-800-435-7352 within the state or at www.FloridaConsumerHelp.com. Registration does not imply endorsement, approval or recommendation by the State.