Gift of Life Insurance

The simplest of life insurance gifts, you can designate Wistar as a partial or full beneficiary of any existing or new life insurance policy. You retain ownership of the policy and, along with that, the flexibility to change your beneficiary designation if your circumstances change. With Wistar – a non-profit corporation – benefiting from the policy proceeds upon your passing, it removes the asset from your estate, reducing its size, the proceeds are not subject to inheritance and estate taxes as they would be otherwise, and your estate will be entitled to claim a charitable estate tax deduction for the beneficiary proceeds distributed to Wistar.

You can transfer ownership of a whole/permanent life insurance policy to Wistar and you will be able to claim a current income tax charitable deduction at the time of contribution for approximately the cash surrender value of the policy. Wistar can then opt to surrender the policy to immediately benefit from its full, untaxed proceeds. An added benefit is that the policy’s value can be removed from your gross estate, lowering your estate’s eventual tax burden.

This is an irrevocable deferred gift to Wistar. In this circumstance, with an active policy owned by Wistar that has annual premiums due, you make annual donations to Wistar so we have funds to pay the insurance premiums. You will be able to claim a tax deduction for each annual donation. Wistar would receive the death benefit of the policy upon your passing. This is a great option for donors with the ability to make annual gifts to Wistar (in the amount of the insurance premium) as well as a provision for a much larger sum after your passing.