Life Insurance Policy
Please consider making ICAS a beneficiary of your life insurance policy. You have several options for donations. First, you can simply make ICAS a beneficiary of your existing life insurance policy upon your passing. The assets you designate will be given directly to ICAS. Alternatively, you can designate ICAS a beneficiary or owner of an existing paid-up life insurance policy; therefore, you can deduct an amount equal to the fair market value, or your cost basis, of the policy. You can either give the cash value of your life insurance policy to ICAS, or retain the policy upon your passing. Because ICAS becomes the owner or beneficiary, the proceeds will not be included in your estate for tax purposes. A third option is to donate any excess workplace life insurance coverage you might have to ICAS. This will allow you to waive extra taxes while avoiding the cost of additional premiums.
Please consult with your attorney or professional advisor to ensure that your plans are in compliance with all laws.
Also feel free to email us at email@example.com if you have questions.