Donating a Life Insurance Policy
Some of our supporters decide that they no
longer need life insurance that they purchased years ago to provide for
children or other family members. If that is your situation, please
consider donating the policy to the Center. You may claim a charitable
deduction for approximately the policy’s cash surrender value, and the
proceeds are completely removed from your estate.
There are several ways to give your life
insurance policy to the Center. First, you can donate your paid-up
insurance policy during your lifetime. If the policy has a cash value,
we have the option of holding the policy until the maturity date or
surrendering the policy in order to receive its current cash value. You
would receive an income tax deduction in the year of your gift, and
because the policy would be out of your estate, you would avoid any
potential estate taxes.
Second, you can name the Center for Advanced Study in the Behavioral Sciences at Stanford as primary
beneficiary or as contingent beneficiary should your other
beneficiaries not survive you. Because these gifts are revocable, you
will not receive a charitable income tax deduction. After your
lifetime, however, the benefits from your policy pass to the Center
free of federal estate tax. Changing your beneficiaries is easy—simply
contact your insurance carrier to fill out a beneficiary form. For more
information, or for assistance in arranging your gift, please contact us.
