Insurance policies that are already “paid up,” meaning that there are no more premiums due, are ideal assets to gift to FLT if your family no longer needs the insurance. By naming Flathead Land Trust as the beneficiary of an individual or group term life insurance policy, the benefits from your policy pass to us free of federal estate tax after your lifetime.
Alternatively, a new insurance policy can be purchased naming FLT as the owner if you pledge to make annual gifts to cover the premium payments (which are tax-deductible).
- A transfer of ownership of an existing insurance policy entitles the donor to a charitable deduction for the fair market value of the policy at the time of the transfer.
- For newly established insurance policies owned by FLT where the donor agrees to make annual gifts to cover the policy premiums, the donor will be entitled to a charitable income tax deduction for all funds donated for this purpose.
For more information or to discuss your legacy gift plans with FLT, contact Paul Travis at:
406-752-8293 or [email protected]