Most people have life insurance in one form or another and many existing policies have outlived their original purpose. Yet, life insurance can be used for other purposes, including philanthropy. You can use it to make a planned gift to the IEEE Foundation to ensure that the work of the IEEE Foundation continues for the benefit of future generations, just as it has throughout your lifetime.

There are several ways you can structure a gift of life insurance to the IEEE Foundation:

Use an existing Life Insurance Policy. You may have a life insurance policy that you have held for many years and you no longer need for the financial security of your heirs. You can name the IEEE Foundation as the primary or secondary beneficiary of the policy. As the beneficiary designation is revocable, there are no immediate tax benefits. However, at your death, your estate claims a charitable donation tax credit for the proceeds of the policy. The tax credit will offset income taxes payable on your terminal tax return, and the gift is not subject to probate fees.

Transfer ownership of an existing Life Insurance Policy. If you have a policy that has outlived its original purpose, consider making the IEEE Foundation the owner and beneficiary of the policy. When you transfer the ownership of the policy, a portion of its cash value will be taxable as income, but you will receive a charitable tax receipt for the entire cash value resulting in immediate tax savings. Since the IEEE Foundation becomes the owner of the policy, the proceeds will not be included in your estate for tax purposes.

Purchase a new policy. You can purchase a new life insurance policy and name the IEEE Foundation as the owner and beneficiary of the policy. Because the IEEE Foundation is the owner, you may be able to deduct the premiums as charitable contributions for as long as the premiums are paid, subject to state limitations. You receive current tax savings and, because the insurance proceeds pass to the IEEE Foundation outside of your estate, the proceeds will not be included in your estate for tax purposes. This is a creative way to make a large gift to support the future of the IEEE Foundation on the "installment plan."

Join the Goldsmith League

If you decide to name the IEEE Foundation as a beneficiary of your Charitable Remainder Trust, we hope you will share the good news with us. This will allow us to thank you for your generosity and recognize you during your lifetime by adding you to the roster of the "Goldsmith League," the IEEE Foundation's planned giving recognition group. If you prefer to remain anonymous, we will honor your wishes and include you as an anonymous donor.

Legal Name
IEEE Foundation, Incorporated

Employer Identification Number (EIN):
23-7310664

For more information, or to hold a confidential discussion, please contact:

Karen Galuchie
Development Officer

IEEE Foundation
IEEE Development Office
445 Hoes Lane
Piscataway, NJ 08854, U.S.A
Phone: +1 732 562 3860
e-mail: supportieee@ieee.org