Life Insurance – The Hidden Gift Asset

Our supporters often overlook the benefits of giving a life insurance policy to the Yellowstone Park Foundation (YPF). If you are carrying more insurance coverage than your family obligations now require, you may want to consider gifting an unneeded, paid-up policy. If you transfer all rights and incidents of ownership of your policy to the YPF, you will be eligible for a charitable income tax deduction equal to the policy’s cash surrender value or cost basis, whichever is less. The insurance policy must be whole life, not term insurance. The value of your gift for gift crediting purposes will be the cash surrender value of your policy on the date of transfer.

Gifts of life insurance policies may be accepted upon review and approval of the Executive Committee of the Yellowstone Park Foundation Board of Directors.

The Yellowstone Park Foundation reserves the right to cash in any policy it owns at any time at its sole discretion. Of course, you may designate the YPF as the revocable beneficiary of a life insurance policy at any time. Such a designation will not, however, provide you with any immediate tax benefits.

WARNING: Consult your legal and tax advisors before making any material decisions based on this information.

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