OF LIFE INSURANCE
Giving life insurance policies, either new ones or ones no longer
needed, is an excellent way to make a larger gift than might otherwise
The most direct way is to name the Union County College Foundation
the owner and beneficiary of the policy. The owner receives an income
tax deduction for the full cash surrender or paid up value of the
policy. Any further premiums paid on such a policy given to the
Foundation are fully deductible.
Wealth Replacement Policy
Life insurance can be used to replace for heirs the value of an asset
given to charity. A donor may choose to use the tax savings produced
by the charitable deduction realized to pay premiums on a new life
insurance policy for an amount equal to the donated asset's value;
thus, his or her heirs will not be deprived.
Union County College will be pleased to assist potential donors to
design a planned gift. Submit the Contact Us
form or call the Foundation Office at (908) 709-7505 to confidentially
discuss your objectives.