Make a significant gift with life insurance

Giving life insurance through Kern Community Foundation is one of the simplest ways to make a significant contribution to your community and establish your legacy of giving.

Charitable beneficiary

You can make a gift when life insurance is no longer needed for personal financial wealth replacement. By naming Kern Community Foundation as the beneficiary, you retain ownership of the policy, access to the cash value, and the right to change the beneficiary. You may receive a number of tax benefits, including reduced income taxes and estate taxes. If you continue paying premiums through your community foundation, you will be entitled to a charitable contribution deduction of up to 50 percent of your adjusted gross income. Upon your death, the insurance proceeds will create a fund to support charitable programs in Kern County.

Life insurance trust

You can replace the dollar value of an asset transferred to your community foundation with a life insurance policy. You can use regular payments from a charitable gift annuity or charitable remainder trust to establish an irrevocable life insurance trust. The trust can purchase insurance on your life to benefit your heirs. This way, you can make a gift to the Community Foundation and replace its value in your estate with life insurance proceeds, allowing you to maximize the value of your assets for your heirs and for charity.

Does a free, personalized analysis of your charitable assets, giving and objectives sound helpful? Contact us, or put us in touch with your financial advisor.