Gift of Life Insurance

 

 

Life insurance provides a simple way for you to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime.

 

 

 

How it works

  • You make the Community Foundation of Southeast Kansas the owner and irrevocable beneficiary of your life insurance policy - you can either give a paid-up policy or continue to pay premiums.
     
  • You receive a tax deduction for the approximate cost or fair market value, whichever is less. If the policy is paid up, you may receive an immediate tax deduction. If it is not, you can claim continuing tax deductions on premium payments you make directly or through gifts to the CFSEK.
     
  • Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose..
     
  • Our professional program staff considers your charitable wishes and determines the community needs that would be most impacted by grants from your gift.
     
  • Our board issues grants in the name of the fund you establish (if you prefer, your awards can be made anonymously.)
     
  • We handle all the administrative details.
     
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift - and all future earnings from your gift - is a permanent source of community capital, helping to do good work forever.

States across the country are experiencing an unprecedented transfer of wealth as estates change hands from one generation to the next. By 2020 in Kansas alone the transfer of wealth is estimated to be $79 billion, and will increase to $598 billion by 2064.

Many people designate their entire estate to their children. Since more people leave the communities where they were raised much of the inherited wealth leave, too. The Keep 5 in Kansas campaign promotes capturing 5% of the estate wealth which could be up to $4 billion going back to communities.