Planned Giving Tip of the Week: Life Insurance Beneficiary Designation


Just in time for March Madness, CFO is ready to put on a full court press for planned giving. The Foundation’s board of directors has challenged the organization to enlist at least one new Legacy Society member from each affiliate and 20 new members from metropolitan Springfield during this fiscal year. Between now and the end of March Madness you will receive a weekly tip on how to make a simple planned giving commitment. These commitments are important; they truly will make a difference down the road and they encourage others to think about giving back to their communities. This week’s tip is:

Life Insurance Beneficiary Designation

You can easily name your local community foundation or any favorite charitable organization as a beneficiary or contingent beneficiary on a life insurance policy. This beneficiary designation takes effect only upon your death (or the death of the survivor of you and your spouse). Accordingly, you are able to maintain full independence and control with respect to these assets during your lifetime and you can change the arrangements at any time prior to your death. You receive no income tax advantages with these techniques, but the assets will pass to the charity at your death without the necessity of probate and will qualify for a charitable deduction for estate tax purposes.

Please remember that the Community Foundation of the Ozarks staff stands ready to assist you in this effort. A major part of our website is dedicated to planned giving, and we have a simple form that signifies your charitable planned giving commitment. In these challenging economic times, this is something that all of us can do to support the community foundation movement. Please contact Gary Funk or Winter Skelton at (417) 864-6199 if you would like to discuss this planned giving option.

As always, thanks for all that you do for the Ozarks!

Posted in:

Leave a Reply