Life Insurance

Life insurance adds great flexibility to your charitable giving plans.

Do you own life insurance policies that are no longer needed?

Examples:

Protection for a spouse or a child who is now financially independent
Insured education funds for children who have now completed their training
Protection for a business in which protection is no longer required
Provision for estate taxes not needed because your estate is now exempt from taxes (More than 90% of estates may now be exempt)

Here are some great ways to give life insurance to OMS:

Give a paid-up policy that you already own by changing the owner and beneficiary to OMS
Name OMS as the owner and primary beneficiary of a policy on which you are still paying premiums
Name OMS as a charitable recipient of a policy you own––as a primary beneficiary, secondary beneficiary or final beneficiary
Purchase a new policy, naming OMS as the primary beneficiary, or transfer ownership to OMS

The benefits of making a life-insurance gift:

The gift and related tax benefits are immediate
Gifted cash values of paid-up policies can be deductible for up to 50% of your adjusted gross income, and amounts over 50% can be carried forward
Future premiums can be deductible when ownership of a policy is transferred to OMS
Your confidentiality is assured as life insurance is not a matter of public record

For further information and assistance, please contact Diane Arndt or Steve Hoffman of our Gift and Estate Design services team.

Phone: 1-317-881-6755 ext. 334 (Diane Arndt)