Giving Through Life Insurance
Do you have a life insurance policy that you no longer need for its original purpose? Are your children grown and self-supporting? Will your family be well taken care of thanks to other assets that you will be leaving to them?
A paid-up life insurance policy can make a great gift to Barnard. In order to claim a current charitable income tax deduction for a gift of a paid-up policy, you must name the College as owner and beneficiary of the policy. The value of the gift is the cost basis or cash surrender value of the policy, whichever is less. (Please note: The donor of a life insurance policy is responsible for obtaining an independent qualified appraisal, which is required by the IRS for noncash charitable gifts valued over $5,000.) Premium payments for a life insurance policy for which Barnard is both the owner and beneficiary may be treated as charitable gifts; please consult with your personal advisers.
To name Barnard as a beneficiary of a life insurance policy, the following information may be helpful:
Official name: BARNARD COLLEGE
3009 Broadway - Planned Giving
New York, NY 10027
Taxpayer Identification Number (TIN): 13-1628149
(sometimes called Employer Identification Number, or EIN)
If you have named Barnard College as the owner and beneficiary of your life insurance policy, or even as the beneficiary only, please let us know so we can enroll you in The Athena Society.
And now, by naming Barnard as a beneficiary of a life insurance policy, you can generate an immediate contribution to a scholarship fund for current Barnard students. Learn more about The Bold Impact Challenge.
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