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2014 Spring Planned Giving

Question:  How does a gift of life insurance make it easy to support Marshfield Clinic?

Bill Heiting Bill Heiting
Chartered Life Underwriter®
New York Life
Marshfield, WI

Answer:  Given the uncertain economy, it's easy to see why many of us are reluctant to part with money that we may need later on. Fortunately, there is a way to support a favorite charitable organization, such as Marshfield Clinic, without having to worry about the impact it could have on your family or lifestyle. It's called the gift of life insurance, and here are just a few ways to use this proven financial strategy:

  • Donate an existing policy – If you already have a policy and no longer need the death benefit, you can irrevocably transfer ownership of the policy to your desired charitable organization. While the charitable organization will be responsible for any remaining premium payments, they will also receive the full death benefit when you die.
  • List the charity as a beneficiary – As the owner, you remain in control of your policy and can leave money to as many beneficiaries as you like: children, grandchildren and charitable organizations. If you name a single charitable organization as the beneficiary, it will receive the entire amount.
  • Purchase a separate policy – There are times when it makes sense to have separate policies: one for family and friends and one for charitable gifts. This technique can prove especially helpful if you would like to retain ownership of one policy, but not the other.
  • Create a Charitable Remainder Trust – While this planned giving tool is designed to shelter appreciated assets such as stocks and real estate, it can also incorporate life insurance if set up correctly. Be sure to consult with an attorney before pursuing this approach.

Giving life insurance can be a lasting and recession-proof way to support a worthy cause.  And, depending on the method you choose, it may also offer a variety of tax benefits as well. For more information about the gift of life insurance and how it might help you achieve your personal and charitable goals, consult your tax or financial advisor.

For additional information on making a planned gift to Marshfield Clinic, please contact:

Karen Piel, J.D., C.P.A., CFRE
Gift Planning Officer

Have you listed Marshfield Clinic as a beneficiary of your life insurance? Please let us know so we can properly thank you and recognize you as a member of the Doege Legacy Society.