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A charitable gift of life insurance is an innovative way to provide a highly leveraged endowment to the Museum of Tolerance. There are several ways to gift life insurance. You may contribute a new or existing policy by transferring the policy to the Museum of Tolerance and naming the Museum as owner and beneficiary. There are substantial benefits to both you and the Museum. The premium payments will provide you with an income tax deduction. The endowed gift to the Museum will be substantially larger than the amount used to fund the insurance policy. The insurance policy proceeds pass directly to the Museum outside your estate and are not subject to probate or estate taxation. Therefore, your estate will be undiminished by the gift. You may wish to add the Museum of Tolerance to an existing policy as a remainder beneficiary or you can utilize the values in an existing policy to fund a more highly leveraged one. Since life insurance premiums are based or mortality rates, gifts of life insurance are extremely affordable for younger donors, affording them the opportunity to make sizable gifts.
There are various creative ways that life insurance combined with charitable trusts can be utilized as asset replacement plans. A wealth replacement trust transfers property free of federal estate and state inheritance taxes and often provides an even greater inheritance for your heirs. A wealth replacement trust is a sophisticated charitable estate planning tool utilizing a charitable remainder trust coupled with life insurance. It replenishes estate values for your children or other intended beneficiaries through the purchase of life insurance. You can provide a lasting legacy to the Museum of Tolerance and to your heirs.
For more information, contact:
Rabbi Meyer H. May
PLEASE NOTE: The Museum of Tolerance will close early (3:30 PM) on October 20, 2019 and remain closed through October 22, 2019, for Shemini Atzeret and Simchat Torah.
The Museum is Closed Saturdays and Jewish Holidays. During the months of November - March, the MOT will close at 3:30pm on Fridays. Last entrance is 1:00pm.