Life Insurance & Real Estate Assets

Life Insurance

Life insurance may offer an attractive way to make a major gift to Museum of Glass. If you have a current policy, you may want to name the Museum as a beneficiary or contingent beneficiary. Any benefit Museum of Glass receives from your insurance will be excluded from your taxable estate.

By taking the extra step of naming Museum of Glass as the irrevocable beneficiary and owner of your life insurance policy, you can obtain an immediate income tax charitable deduction equivalent to either the policy's cash surrender value or replacement value. If additional premiums are due, you can deduct those payments as charitable contributions each year.

Real Estate

Gifts of real estate may include a house, condominium, vacation home, apartment building, commercial building, farm, or land. Real estate can be contributed now as an outright gift or later as a testamentary gift. It can be also used to fund a charitable remainder trust to provide income to you or others.

With a retained life estate arrangement, you may contribute your personal residence but continue to reside there for the remainder of your lifetime. This gift of a future interest in your home lets you continue to enjoy your home without diminishing your standard of living, and obtain an immediate charitable deduction for income tax purposes.

For more information contact Rosanne Nichols at 253.284.2131, or rnichols@museumofglass.org. All inquiries are confidential and without obligation.

This information is of a general nature. Advice from your own legal and tax counsel should be sought when considering any gift arrangement.