A gift of life insurance is a simple and affordable way to make a future major gift to the ROM without reducing the assets in your estate.
Donate an existing policy making the ROM owner/beneficiary. Receive a charitable tax receipt for the cash surrender value and for all future premiums you pay. Save estate probate taxes when proceeds on death pass on to the ROM.
Take out a new policy and assign ownership to the ROM. Receive a charitable tax receipt for all premiums you pay. Save estate probate taxes when proceeds on death pass on to the ROM.
- Retain ownership of the policy (personal or Group Life); name the ROM as the direct beneficiary upon your death. Your estate will receive a tax receipt for the amount of the proceeds received by the ROM.
Alternatively, if you wish to make a gift of cash or property now and watch it work, an insurance policy can replace those assets in your estate, and your current gift will earn tax credits that can be spread over six years.