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Gifts of Life Insurance

Carpenteria californica 'Elizabeth', one of
California's rarest endemic shrubs
Photo Credit - T. Morosco
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There are several ways you can use life insurance as the basis for a charitable gift.

Making the Charity a Beneficiary of your Life Insurance Policy
You may wish to make San Francisco Botanical Garden Society (SFBGS) the beneficiary (or a contingent beneficiary) of a life insurance policy as a way to make a sizeable future gift. You retain lifetime ownership of the policy, keeping the right to cash it in, borrow against it, and change the beneficiary. A gift of this nature is treated much like a bequest made through your will. Because you retain the ownership of your asset (the policy), you will not receive an income tax charitable deduction for this future gift or for your premium payments during your lifetime. The policy's proceeds will be included in your gross estate, and your estate can take an estate tax charitable deduction.

the WalkersMaking a Gift of Your Policy
You may wish to transfer ownership of a policy to the Botanical Garden Society, or purchase a new policy with the Society as owner and beneficiary. If you make the Botanical Garden Society the owner and beneficiary of a policy, you are entitled to certain tax advantages.

Since their children had grown up and begun lives on their own, the Walkers decided to review their finances. They realized that some of the insurance they carried while the children were dependent on them was now not really needed. They decided to donate a fully paid-up policy to SFBGS. Their financial advisor told them that as the policy is paid-up, they are entitled to a

Iris douglasii in hues of dark blue, violet, lavender and purple carpet the CA Native Garden each spring.
Photo Credit - T. Morosco
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charitable deduction equal to the lessor of the premiums they paid over the life of the policy or the cost of a comparable replacement policy if purchased today.

The Walker children were very supportive of the idea. In fact, one of their children purchased a small whole life policy and designated the Botanical Garden Society as the owner and irrevocable beneficiary. As a result, the annual premiums that are paid are a charitable deduction.

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

For tax purposes, the San Francisco Botanical Garden Society, I.R.S. 501(C)(3) number is 94-6050168. All donations to the San Francisco Botanical Garden Society are tax-deductible to the fullest extent of the law.

Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. Donor stories and photographs are for purposes of illustration only. 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 Planned Giving section has been developed for San Francisco Botanical Garden Society by Future Focus. Please report any problems to section webmaster. .

SFBGS and San Francisco Recreation and Park Department San Francisco Botanical Garden's beauty and value as a major cultural resource are the result of a successful public/private partnership between San Francisco Botanical Garden Society and the San Francisco Recreation and Park Department.

ADMISSION  FREE for Members, SF Residents (with proof of residency) & School Groups | $8 Non-residents | Discounts for Seniors, Families & Children

LOCATED In Golden Gate Park, with entrances at the corner of Ninth Ave. at Lincoln Way (Main Gate) & at MLK Jr. Drive off the Music Concourse (Friend/North Gate) | Phone: (415) 661-1316 | Mail: 1199 9th Ave, San Francisco, CA 94122-2370

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