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Giving to the Foundation: Ways To Give

Life Insurance

A planned gift to the Foundation may be made through a gift of life insurance. For the gift to be tax deductible, the Pellissippi State Technical Community College Foundation must be the sole owner and sole beneficiary of the insurance policy. Policies may be new, have premiums remaining to be paid, or be a fully paid policy that a donor has owned for years. If premiums remain to be paid on a policy for which the Foundation is the owner and beneficiary, the payment will be a deductible contribution. The Foundation could also be named as the beneficiary of a policy that it does not own. This provision will not provide any current tax advantages, but the money passing to the Foundation at the insured’s death will qualify for the federal estate tax charitable deduction.