LIFE INSURANCE GIFTS
How does a gift of life insurance work?
The best way to give Life Insurance involves the ownership transfer of a paid policy to Grand Piano Series. You receive an immediate tax deduction based on the cash surrender value of the policy. Grand Piano Series then holds or cashes the policy out. In some cases we may also accept policies that are not completely paid. Usually such arrangements also include pledged periodic donations to pay insurance premiums. By donating a policy you no longer need, you can help a great deal, generate an immediate tax break, and may even reduce your estate taxes. Contact us to discuss options and we will help address the details. Also, we recognize your generosity immediately, though we hope it will be many years before the financial benefits of your gift are realized!
How do I give a life insurance donation?
Just contact your insurance company and ask for a change of Beneficiary/Change of Ownership Form. Designate Grand Piano Series on the form and return it to the insurance company. Contact us and we can help you complete forms and address special details that apply to your situation. Be sure to ask your insurance company to provide a written estimate of the current cash value of your policy for tax purposes.