Life Insurance
A planned gift to ASHRAE Foundation may be made through a gift of life insurance. For the gift to be tax deductible, ASHRAE Foundation must be the owner and beneficiary. Policies may be new, have premiums remaining to be paid, or be a fully paid policy that you have owned for years. If premiums remain to be paid on a policy for which ASHRAE Foundation is the owner and beneficiary, the payment will be a deductible contribution. ASHRAE Foundation could also be named as the beneficiary of a policy that it does not own. This provision will not provide any current tax advantages, but the money passing to ASHRAE Foundation at the insured’s death will qualify for the federal estate tax charitable deduction.
Benefits:
Tax deduction for premiums paid by donor.
Avoid estate taxes and probate costs.