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Planned Giving: Gifts of Life Insurance

Planned Giving Home
Bequests
Charitable Gift Annuities
Gifts of Life Insurance
Gifts of Real Estate
Gifts of Real Estate
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Gifts of life insurance are a very simple way to have a significant impact on the Observatory, even when you may not have many assets. There are several ways that you can structure a gift of life insurance to the Observatory:

Paid Up Policies
You can make Mount Washington Observatory the owner and beneficiary of an already existing paid-up life insurance policy. By doing so, you may be able to deduct an amount equal to the approximate cash value in the year that you make the gift. Since the Observatory becomes the owner of the policy, the proceeds will not be included in your estate for tax purposes.

Existing Policies
You can make Mount Washington Observatory a beneficiary of an already existing life insurance policy. Upon your passing, the full face value amount of the policy will go to the Observatory. Although the proceeds from the policy will be included in your gross estate, the full amount we receive may be deductible as a charitable deduction. To make the Observatory a beneficiary of an already existing life insurance policy, you can simply request a beneficiary designation form from your employer or insurance company.

Policies On Which Premiums Are Still Being Paid
You can make Mount Washington Observatory owner and beneficiary of a policy on which you are still paying premiums. As with donating an already existing paid-up policy, you may be able to deduct an amount equal to the approximate cash value of the policy in the year that it is made. You may also be able to deduct any future premium payments, and the proceeds will not be included in your estate for tax purposes.

New Policies
You can purchase a new policy and make Mount Washington Observatory the owner and beneficiary. Because the Observatory is the owner, you may be able to deduct premiums as charitable contributions for as long as the premiums are paid, subject to state limitations. In addition, the proceeds will not be included in your estate for tax purposes.

Mount Washington Observatory is a nonprofit organization under section 501(c)(3) of the Internal Revenue Code. Our tax ID number is 02-0225135. Please seek the advice of a professional estate planner to ensure that your interests are appropriately served.

For questions and comments, please contact the Mount Washington Observatory Development Office at (603) 356-2137, ext. 218.



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