Planned Giving
Life Insurance
A gift of life insurance is a big gift to us--and likely a gift that you won't miss.
Perhaps you took out a policy years ago, but no longer need it because you are widowed or your grown children are no longer dependents? Or, maybe you are in the process of taking out a new policy.
By designating the Southern Maine Agency on Aging as the beneficiary of your life insurance policy, you can give us a tremendous gift, while potentially receiving financial or tax benefits.
How to Make a Gift of Life Insurance:
- Name Us as the Beneficiary. You can designate the Southern Maine Agency on Aging as the beneficiary of your life insurance policy. It's simple--all you need to do is contact your insurance company and ask them to send you a change of beneficiary form. You can designate more than one beneficiary, if you choose, allowing you to designate Southern Maine Agency on Aging as a partial beneficiary. You continue to pay the premiums and retain full control of the policy during your lifetime. We will receive the insurance proceeds after your death. Because this is a future and revocable gift, you will not receive a charitable income tax deduction when you designate us as the beneficiary. There is, however, a positive tax benefit when your estate is settled, as your estate will be entitled to a charitable estates tax deduction for the amount transferred to us.
- Make an Outright Gift of Life Insurance. To lower your personal taxes now, you can transfer ownership of your life insurance policy to the Southern Maine Agency on Aging. To do this you will need to contact the insurance company and fill out the proper change of ownership and beneficiary forms. To deduct the value of the policy, you must give it away irrevocably. This means you cannot retain any interest in it, such as the right to borrow against it or to change the beneficiary. You receive a charitable income tax deduction equal to the lesser of the policy’s value or your basis in the policy. Southern Maine Agency on Aging becomes the owner and beneficiary of the policy and may decide to hold it or cash it in.
The Southern Maine Agency on Aging strongly recommends that individuals consult with their legal, financial and tax advisors as they consider establishing any type of planned gift.
When you are ready to receive personalized assistance with your planning, we urge you to contact Peg Brown, Director of Development at 207-396-6590.
Become Part of The Millennium Society
When you give the gift of life insurance to us, you will also be be invited to become a member of our planned giving society--The Millennium Society.
