Why Give Life Insurance to PBS KVIE
Many years ago you may have purchased a life insurance policy to protect your family. Now, with your family circumstances changed and that policy no longer needed, you can donate that policy to PBS KVIE .
By giving outright and complete ownership of a life insurance policy, you will enjoy an immediate tax deduction. The amount of this deduction is based on the policy’s fair market value or the net premiums paid (whichever is less). You can donate both fully paid policies and partially paid ones.
Another easy option for giving via life insurance is to name PBS KVIE as a beneficiary of your policy. This simple process entails changing beneficiaries on a form that your life insurance company will provide. You continue to own the policy during your life.
How To Give Life Insurance to PBS KVIE
- Make an absolute assignment (gift) of a life insurance policy either from a new or existing policy.
- Assign all annual dividends to PBS KVIE. This eliminates out-of-pocket contributions, yet still creates a deduction as dividends are paid.
- Name PBS KVIE as the primary or contingent beneficiary of an existing or new life insurance policy. Although this will not yield a current income tax deduction, it will result in a federal estate tax deduction for the full amount of the proceeds payable to PBS KVIE, regardless of policy size. PBS KVIE's Tax ID is 94-1421463.
The information provided on this website does not, and is not intended to, constitute tax or legal advice applicable to your specific situation.
Please be sure to consult a qualified professional advisor regarding your planning.