Life Insurance to Replace Gift—Wealth Replacement
An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (i.e., the premium payment). Life insurance can also be used to replace an asset that has been given to the Prichard Committee.
How It Works
After a donor makes a gift to the Prichard Committee, the tax savings produced by the charitable deduction are used by his or her children or an irrevocable trust to purchase and pay the premiums on an insurance policy on the donor's life. Such an arrangement can ensure that the interests of family beneficiaries will not be adversely affected.
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Contact Us
Shawn J. Lyons
Vice President and Director of Philanthropy
859-227-0987
shawn@prichardcommittee.org
The Prichard Committee for Academic Excellence
2285 Executive Drive, Suite 120
Lexington, KY 40505
Federal Tax ID#: 61-1026214
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