LIFE INSURANCE BENEFICIARY
If you own a life insurance policy that you no longer need, you can consider a revision to your beneficiary designation form to name First Fruits Farm as the sole owner and beneficiary of the policy.
You will receive an income tax deduction for the cash surrender value of the policy. If the policy is not fully paid, you can consider continuing to pay the premiums—and, in doing so, you will receive a charitable contribution deduction for the annual premium amount.
Some donors use the tax savings to replace the life insurance with other assets that will be distributed at death to family members as part of their inheritance.
You simply fill out a beneficiary form that is entirely separate from your will. By designating First Fruits Farm as a full or partial beneficiary, these types of gifts can avoid taxes and the estate can receive charitable deductions.
When you complete your beneficiary form, just name “First Fruits Farm, Inc.” as the full or partial beneficiary and provide our Tax Identification Number: 65-1220502.
We encourage you to talk with your professional adviser on what is the best choice for you and your family.
This information is not intended as tax or legal advice.