Life insurance can be an excellent way to make a gift. You
can name the University of Montevallo Foundation as the owner and beneficiary
of your life insurance policy. You would be entitled to a
charitable income tax deduction for the value of the policy.
You will also receive a charitable income tax deduction for
gifts you make to the Foundation for the amount of the policy
premiums that are due.
For the younger donor, taking out a new policy and naming the Foundation as beneficiary is a very cost-effective way to make a significant gift to the University. The older donor may wish to give the University a paid-up policy that is no longer needed.
If you desire more flexibility, you may simply wish to name Montevallo as one of the beneficiaries of your life insurance. You are not entitled to an income tax deduction from this type of gift, but you will maintain control.
The information contained on this web page is not intended as legal or tax advice. Donors should, therefore, consult with their personal advisors for such advice.