Life Insurance and Wealth Replacement

Life Insurance

A common "hidden asset" for gifting is a life insurance policy that is no longer needed for its original purpose.

Example: Your family has grown and there is no longer a real necessity for retaining that $50,000 policy you purchased many years ago. The policy has a cash value of about $20,000. You can make EWF (EXECUTIVE WOMEN OF THE PALM BEACHES, INC. FOUNDATION) the owner and beneficiary of the policy and continue to pay the premiums. By doing so, you have accomplished:

  • An immediate tax savings
  • Additional tax deductions for the premiums you pay in future years
  • Giving EWF (EXECUTIVE WOMEN OF THE PALM BEACHES, INC. FOUNDATION) a future gift of $50,000

To make a life insurance gift, contact your insurance agent for forms that will change the beneficiary and ownership designations to the EWF (EXECUTIVE WOMEN OF THE PALM BEACHES, INC. FOUNDATION).

Wealth Replacement

When used together with a life insurance gift, a wealth replacement trust may help you transfer your estate to your heirs without estate tax.

Donors who wish to replace contributed assets in their estates can purchase life insurance payable to family members, funded partly by tax savings from their charitable deductions.

The life insurance replaces the assets that we receive, and if you employ a so-called irrevocable life insurance trust, your family can receive the insurance proceeds free of gift or estate tax.

helping others help themselves

 

Our Mission: Empowering women to succeed and lead

Our Vision: To be the voice that inspires integrity, equality and leadership

in the workplace and our community



Executive Women of the Palm Beaches Foundation, Inc.
2701 N Australian Avenue, Suite 205
West Palm Beach, FL  33407
561.868.7070  info@ewpb.org

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