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Gifts of Life Insurance

Your Planning Need

You have life insurance but no longer need the benefits it provides - perhaps because your children are no longer dependents, your spouse does not need it, and the policy is not needed to pay estate taxes.

Our Gift Solution

Donate the policy to the Friends of the Parks

Benefits:

  • You may reduce your income or estate tax liability
  • You will leave a permanent legacy to the Parks.

Ways to make Gifts of Life Insurance

  • Fully Paid Policies –Donate the policy to the Friends of the Parks, by irrevocably naming the Friends of the Monmouth County Park System as both beneficiary and owner of the policy.
  • Partly Paid Policies – Donate the policy to the Friends of the Parks. If you continue to pay the premiums, they, too, are tax deductible.
  • New Policies- Purchase a new policy and name the Friends of the Parks as both beneficiary and owner of the policy and all of your premium payments would be tax deductible.
  • Asset Replacement- If you make a gift of one of your major assets to the Friends of the Parks, you may wish to replace the value of the asset with life insurance for your heirs. Your heirs will avoid paying estate tax on the asset and the policy benefits will pass to your heirs tax- free. The offset may more than make up for the cost of the policy.

For more information, please contact:

Maria Wojciechowski
Executive Director
Friends of the Parks
P.O. Box 686
Lincroft, NJ 07738-0686
Tel: 732-975-9735
Fax: 732-975-9741
mcwojciec@monmouthcountyparks.com