Donations of Insurance
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Another way of benefiting the community through the Foundation is with a gift of Life Insurance. This method is useful to donors who are interested in leaving a significant gift at an affordable cost. Benefactors can donate an existing policy to or purchase a new one for the Lethbridge Community Foundation; or keep ownership and name the foundation as a beneficiary. Please contact our Executive Director at 403-328-5297 or your Professional Advisor to get some assistance in deciding which option is best for you and your family.
There are three ways to donate life insurance:
2. Purchase a new policy, naming the LCF as its owner and benificiary. By naming the LCF as the owner, the donor will receive donation receipts for any premiums you paid once the Foundation is the owner.
3. Keep ownership and name the foundation as a beneficiary. Gifts of life insurance may provide tax relief, are not subject to probate and do not reduce the value of gifts to other beneficiaries of your estate. The policy is paid tax-free directly to the foundation, and your estate will receive a charitable tax receipt [that may be used to offset other taxes on your estate].
1. Donate an existing policy, naming the LCF as its owner and benificiary. By transfering ownership of the policy to LCF, the donor will receive a charitable tax receipt for the policy's current cash surrender value, and receive donation receipts for any premiums the donor pays once the Foundation is the owner.
Consult your insurance advisor regarding types of policies and the costs involved to maintain a policy for the amount of your gift. If you wish to proceed, your insurance advisor will work with the Lethbridge Community Foundation to transfer ownership of the new or existing policy to the LCF and/or name the LCF as the beneficiary, all depending on which option you choose.
The Foundation will be pleased to work with you to put a fund agreement in place that will ensure your wishes are carried out after the gift is received.
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Updated September 2009
www.lethbridgecommunityfoundation.ca
403.328.5297 office@lethbridgecommunityfoundation.ca 404 8th St South
