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Many people may not think about insurance policies as a method of giving, but the fact is these instruments are a terrific way to support charitable initiatives, including The HSUS’ broad array of animal protection programs.
There are three ways to support a charity through insurance-related gifts—and leave a humane legacy.
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You can take a life insurance policy out on yourself that is owned by The HSUS. If you make an annual gift to The HSUS equal to or greater than the yearly premium, we reinvest your gift by purchasing the insurance. Because your gift is to The HSUS, you can take a tax deduction. Proceeds after death will come directly to us.
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You can name our organization as a beneficiary of a life insurance policy or annuity for death proceeds. You can set up the policy so that 100 percent of the benefit comes to The HSUS, or divide the benefit so that The HSUS will be one of two or more people or charities benefiting from your thoughtfulness. This method of giving is completely flexible—you’re free to change beneficiaries at any time, as often as you like. You own the policy and make payments directly to the insurance company. The primary tax benefit of this method is that proceeds that come to The HSUS will not be subject to an estate tax.
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You can also transfer ownership of an existing policy to The HSUS. Ideal for this sort of gift is a life insurance policy that contains a benefit you no longer want or need. If you make an annual gift to The HSUS equal to or greater than the yearly premium, we reinvest your gift by purchasing the insurance. We would continue paying any ongoing premiums necessary to fund the policy or—as an alternative—surrender the policy for its cash value. You receive an income tax deduction for the gift of the policy up to the cash basis, or what you paid for it. Advantages of this method also include creating a legacy out of a life policy with an unneeded benefit and removing proceeds from the taxable estate.
Companies like MassMutual, which has been hosting planned giving seminars for HSUS members nationwide, offer this sort of coverage. For more information, write to us at gifts@hsus.org or call 1-800-808-7858.
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