There are two good and easy ways you can use life insurance to fund your giving. If you have a paid-up (or cash value) life insurance policy that you no longer need for its intended purpose (e.g., your children are grown, your spouse is pre-deceased, or tax laws have changed), your can give the policy to the Foundation. The policy will be cashed in, and you can use the proceeds to create any type of fund immediately. Or, you can make life insurance part of your estate planning by naming the Foundation as a partial and/or contingent beneficiary of any insurance policy's death benefit. If one or more of their primary beneficiaries predecease you, their share can go directly into a fund you establish at the Foundation.

• When you make an immediate gift of an insurance policy, you may claim an income tax deduction based on the policy's current value. The Foundation can cash in the policy and have proceeds go directly into the fund you establish. Or, you can convert the assets of the policy into a charitable remainder trust.
• You reduce estate taxes, since the value of the policy is removed from your estate.
• Naming the Foundation as the beneficiary or contingent beneficiary of your life insurance enables you to protect your loved ones while providing for the causes you care about if the policy's beneficiaries predecease you.
• You remove an unneeded asset from your estate, without affecting your income.