Legacy Giving

Gifts of Life Insurance

Goal: Make a large gift with little cost to you
Benefit: Current and possibly future income tax deductions

Pam Hester
"I want to make a difference for families struggling with the costs associated with a major illness. It's something I've seen first-hand during my work with the heart transplant program at Sacred Heart. We serve a large geographic area, and patients from outside of Spokane often have to find lodging here, maintaining two residences while they are on the waiting list for a transplant. This can be financially - and emotionally - devastating. I am so pleased that my endowment will contribute to a temporary housing solution for these dear families." Pam Hester

 

 

There are several ways you can use life insurance as the basis for a charitable gift.

Making Providence Health Care Foundation a Beneficiary of your Life Insurance Policy
You may wish to make the charity the beneficiary (or a contingent beneficiary) of a life insurance policy as a way to make a sizable future gift.

Making a Gift of Your Policy

You may wish to transfer ownership of a policy to the charity, or purchase a new policy with Providence Health Care Foundation as owner and beneficiary. If you make PHCF the owner and beneficiary of a policy, you are entitled to certain tax advantages.

Wealth Replacement Using Life Insurance
You may make a current gift to Providence Health Care Foundation and receive a charitable tax deduction. At the same time, purchase life insurance to replace the donated amount or perhaps, the amount after estate tax that the beneficiaries would have received. Depending on the circumstances, the charitable tax savings and any life income resulting from the gift may defray the cost of the wealth replacement insurance premiums.

Creating a Life Insurance Trust
You may want to set up an Irrevocable Life Insurance Trust (ILIT). An ILIT removes the life insurance from your estate to help reduce estate tax while providing other benefits.

As with all matters concerning estate planning, please consult your estate and tax specialists. Click here to return to Wills and Bequests.

Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use. The content in this Legacy Giving section has been developed for Providence Health Care Foundation, Eastern Washington by Future Focus. Please report any problems to Future Focus webmaster.