LIFE INSURANCE POLICIES
Naming the Museum the beneficiary of a life insurance plan offers a simple way to support MoMA.
Naming the Museum the beneficiary of an existing life insurance policy that is no longer needed to provide for dependents offers a simple way to support MoMA. Since you are the policy owner, the value of the policy will be included in your estate, but an offsetting estate-tax charitable deduction will generally be allowed. You may also be able to assign an existing whole life policy to MoMA, irrevocably making the Museum the owner and beneficiary, and claim an income-tax charitable deduction for the lesser of either your basis in the policy or its fair market value in that year. If the policy is not paid up and additional premium payments are due, you may donate cash or the equivalent to MoMA to pay the premiums each year and claim a full tax deduction for the gift. Lastly, you may be able to purchase a new policy naming MoMA as owner and beneficiary, pay the annual premiums (through MoMA), and claim the premium amount as a charitable contribution.
If you are considering donating a life insurance policy to MoMA, it is important that you consult your advisors about the possible state law restrictions on such a gift and about the amount of the charitable deduction you can expect to receive.
Contact the Office of Planned Giving at firstname.lastname@example.org for further information.
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