Life Insurance
Making a gift of a life insurance policy is another simple and easy way to support Playhouse Square.
Life insurance gifts offer:
- Flexibility - You can support without affecting your income or tapping into retirement savings
- Leverage - A relatively small premium can grown in to a much larger future gift, often exceeding the total amount paid.
- Peace of mind - You can give using a policy you already own, and may no longer need, while preserving assets for your loved ones.
Planning Options:
- Beneficiary Designation - The simplest option for you and Playhouse Square is to name Playhouse Square as the beneficiary of an existing policy. As the owner, you keep full control and can change it at anytime with no impact on current finances. There is no income tax advantage to this, however it may allow you make a larger impact gift to Playhouse Square.
- Gift of a Policy - You can designate Playhouse Square as the owner and beneficiary of a paid-up policy you no longer need, which may qualify you for an immediate tax deduction roughly equal to the cash value of the policy. You can do the same with a policy with ongoing premiums and continue pay the premiums, which are typically considered charitable contributions and may be tax deductible. This option has restrictions and requires prior approval with Playhouse Square.
- Charitable Remainder Trust - For more complex plans, life insurance can help fund a trust that provides income to you or loved ones before benefitting Playhouse Square.
If you have questions, need further information or wish to discuss your plans, please contact Leanne Dewyer at 216-64-8411.