Gifts of Life Insurance
Goal: Make a large gift with little
cost to you
Benefit: Current and possibly future income
"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
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
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.