You can make a gift of a whole or universal life insurance policy by naming Howard University School of Law the irrevocable owner and beneficiary of the policy. In fact, there are several attractive ways to use life insurance as a charitable gift.
You can contribute a paid-up policy that you no longer need. This does not diminish your current income at all and may provide you with an income tax deduction for the replacement value of the policy. Your gift may also save you considerable estate taxes.
You can give a policy that is not paid up as well and take a deduction for the “cash surrender value” of the policy. You would continue to make gifts to Howard to pay the premiums and these gifts would be deductible as charitable contributions.
You could fund a Charitable Remainder Unitrust for your spouse with life insurance. The premium payments would be partially tax deductible, and the trust will provide income for your spouse after your death.
You can give appreciated property to Howard and use the income tax savings to purchase life insurance for your family.
updated: September 25, 2013