When you first bought a life insurance policy, you probably hoped to ensure the financial stability of your family should something happen to you or your spouse. Have your circumstances changed since then? Consider naming the Foundation the owner and beneficiary to receive proceeds of an existing life insurance policy. You will receive a tax deduction for approximately the cash surrender value, thereby reducing your tax liability in the year of the gift. A satisfying alternative use for life insurance is to purchase a new life insurance policy naming the Foundation as owner and beneficiary. With this option, you receive an income tax deduction for each premium made.
Perhaps you are considering a sizable bequest to the Lee’s Summit Educational Foundation, provided your family's future inheritance is not affected. Life insurance can play a part in meeting this goal, too, by replacing for your heirs the amount donated. More »
You may own an insurance policy that has a substantial cash surrender value, yet the original purpose for the protection no longer applies. The policy might have been purchased initially to provide financial security for a spouse now deceased, to educate children now grown or for liquidity to pay death taxes when liquid assets were in short supply. This policy can be a hidden asset, available to be used for your philanthropic purposes.
Other options are available if you would rather retain ownership of a policy as an asset for you own financial security or that of others. They include: More »
Foundation friends and regular donors who would like to make a significant future gift to the Lee’s Summit Educational Foundation can do so at a relatively low cost through a new life insurance policy. With increasing longevity, older persons can now purchase insurance at more affordable premium costs than were possible in the past. Retired individuals enjoying a surprisingly high standard of living can use some annual discretionary income to perpetuate their support of our work without depleting their financial reserves or reducing the projected inheritances of family members.