FSU Foundation Logo
FSU Foundation Social Media

Skip Navigation Links
Planned Gifts
Meet Our Donors
Meet Our Volunteers
Meet Our Team
Westcott Legacy Society
Types of Gifts
What to Give
Estate Planning
Build Your Gift
Compare Gifts
Plan by Age
Gift Illustrator
Free eBrochures
Our Bequest Language
Quiz Yourself
For Professional Advisors

Print View
Larger Than Life

How much do you know about using a gift of life insurance to support a charitable organization?

  • 1. A charitable organization cannot work with an outright gift of a paid-up life insurance policy.
  • A. True
  • B. False

  • 2. Which of the following is a way to donate life insurance to a charitable organization?
  • A. Take out a new policy with us as owner and beneficiary
  • B. Donate a current policy and keep up the premiums
  • C. Both A and B
  • D. None of the above

  • 3. Which of the below is NOT an advantage of donating life insurance to a charitable organization?
  • A. Prompt, confidential transfers outside of the probate process
  • B. Relatively simple, cost-free procedures for naming us as a beneficiary or assigning ownership of a policy to it
  • C. Allows you to make a significant charitable gift that otherwise might not be possible
  • D. None of the above

  • 4. If you name a charitable organization as the primary beneficiary of the life insurance contract
  • A. It is a revocable arrangement for a future gift, not deductible for income tax purposes
  • B. It is an irrevocable arrangement for a future gift
  • C. It is deductible for income tax purposes
  • D. None of the above

  • 5. If you buy a new policy and donate the policy to our organization, the benefits include
  • A. Tax deductions on your income tax return for the premiums you continue to pay
  • B. Death benefits to your heirs
  • C. Both A and B
  • D. It is not advisable to enter into a brand new life insurance contract with an organization

Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.



FREE Estate Planning Kit

contact us
Give Online!    Visit the oneFSU Online Community
  Florida State University logo oneFSU logo Alumni Association logo Seminole Boosters logo FSU Foundation logo Ringling Museum logo