GHC Foundation - Life Insurance
Gifts of life insurance provide an opportunity to make a contribution to the Grays Harbor College Foundation without affecting your present financial status. A gift of life insurance could be for you if you are maintaining insurance coverage that your family no longer needs.
Three Ways to Gift of Life Insurance
- Retain Ownership of an Existing Policy, Naming us as the Beneficiary
You can name the GHC Foundation as a/the beneficiary of your life insurance policy, but retain ownership of the policy itself.
- Our legal name is Grays Harbor College Foundation, of Aberdeen, Washington
- Tax identification number is 91-6052939
In retaining ownership of a policy, you have the following options:
- Name us as a/the primary beneficiary of the policy, which will allow you to retain the rights to change the beneficiary while alive.
- Name us as a/the contingent beneficiary, which will allow us to receive the death benefits only if your primary beneficiary precedes you in the death.
- Create a separate trust named to receive the death benefits, with terms providing for the financial support for one or more named loved ones for a specific term of years or for life, after which the trust terminates and its assets pass to the GHC Foundation.
- Give An Existing Policy, Making Us the Policy Owner
You can name the Grays Harbor College Foundation as the owner and beneficiary of your life insurance policy. If you name the Foundation as the owner and beneficiary, the Foundation may either elect to cash in the policy immediately to support Grays Harbor College or program of your choice or keep the policy and put the proceeds to use at a future date.
- Create a New Policy for a Future Gift
Most states will allow donors to enter into a new insurance contract with the GHC Foundation as the beneficiary and/or owner of the policy.
Tax Benefits of Gifting Life Insurance
Gifts of life insurance can have favorable tax benefits. Please consult your legal, tax, or other professional advisor(s) for guidance on your personal situation.
How Can We Help?
Life insurance can be an extremely versatile tool to meet your charitable giving objectives. If you have questions about making a gift of life insurance, please do not hesitate to contact us.