Perhaps a charitable gift sounds attractive but you are not ready to give up ownership of your life insurance. By naming the Crossroads UMC as beneficiary only, you retain ownership of the policy; have access to the cash value and the right to change the beneficiary. If you would prefer that a member of your family remain the primary beneficiary, you can make Crossroads UMC the contingent or successor beneficiary to receive the proceeds if your primary beneficiary dies before you.
Because you retain ownership of the policy, there is no charitable deduction for the value of the policy upon designation of Crossroads UMC as beneficiary or for subsequent premium payments. However, any proceeds payable to Crossroads UMC at your death will not be subject to federal estate tax.
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