Gifts of Life Insurance
You may find that you have some life insurance that you no longer need. “Whole” or “universal” life insurance has cash value and can be donated to your church.
You would receive a tax deduction for the replacement cost of the paid-up policy at the time of your donation, not the face value of the life insurance.
If the policy requires continuing premium payments, you can continue paying those premiums and get a tax deduction for each one if it is done in the following way: the policy must be “owned” by the Northwest Compassion Foundation, and it must pay the premiums on it. You make a contribution to NCF each year in an amount that approximates the premium, and NCF pays the premium.
You may also designate the Northwest Compassion Foundation as a full or partial beneficiary of any policy. Designate Northwest Compassion Foundation, 22027 17th Ave SE, Bothell, WA 98021. Tax Id number 27-1308267.
If you would like to donate life insurance or make Northwest Compassion Foundation the beneficiary of your policy and need more information you can contact us at (425) 368-2682 or use our Contact Form.
You would receive a tax deduction for the replacement cost of the paid-up policy at the time of your donation, not the face value of the life insurance.
If the policy requires continuing premium payments, you can continue paying those premiums and get a tax deduction for each one if it is done in the following way: the policy must be “owned” by the Northwest Compassion Foundation, and it must pay the premiums on it. You make a contribution to NCF each year in an amount that approximates the premium, and NCF pays the premium.
You may also designate the Northwest Compassion Foundation as a full or partial beneficiary of any policy. Designate Northwest Compassion Foundation, 22027 17th Ave SE, Bothell, WA 98021. Tax Id number 27-1308267.
If you would like to donate life insurance or make Northwest Compassion Foundation the beneficiary of your policy and need more information you can contact us at (425) 368-2682 or use our Contact Form.
Gifts of Retirement Assets
Retirement funds are an increasingly valuable asset to many people—an asset often overlooked as a source of charitable gifts. Giving from an IRA, a 401K, or 403B plan can provide you with important tax advantages.
Since the money that has accumulated in these plans has never been taxed, the IRS levies heavy taxes on any distribution, unless that distribution is to a
charity.
After you die, your retirement fund could be subject to this income tax, plus estate taxes, considerably diminishing its value before being passed on to heirs. By naming the charity as beneficiary of the remaining retirement fund assets, you can avoid this pitfall. Give other assets to family members and other heirs.
You may designate the Northwest Compassion Foundation as a full or partial beneficiary. Designate Northwest Compassion Foundation, 22027 17th Ave SE, Bothell, WA 98021. Tax Id number 27-1308267.
If you would like to make a gift of retirement assets Northwest Compassion Foundation and need more information you can contact us at (425) 368-2682 or use our Contact Form.
Since the money that has accumulated in these plans has never been taxed, the IRS levies heavy taxes on any distribution, unless that distribution is to a
charity.
After you die, your retirement fund could be subject to this income tax, plus estate taxes, considerably diminishing its value before being passed on to heirs. By naming the charity as beneficiary of the remaining retirement fund assets, you can avoid this pitfall. Give other assets to family members and other heirs.
You may designate the Northwest Compassion Foundation as a full or partial beneficiary. Designate Northwest Compassion Foundation, 22027 17th Ave SE, Bothell, WA 98021. Tax Id number 27-1308267.
If you would like to make a gift of retirement assets Northwest Compassion Foundation and need more information you can contact us at (425) 368-2682 or use our Contact Form.
