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Life Insurance Beneficiary Gift

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Use Life Insurance to Make a Gift to Carolina Day School

A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Carolina Day School. There are two basic ways insurance can be used to help support CDS, and each offers different benefits to you.

Option 1: Make Carolina Day School the beneficiary of the policy

This option allows you to:

  • Create a meaningful legacy at Carolina Day School
  • Reduce the size of your taxable estate
  • Retain the flexibility to change your mind

Option 2: Make Carolina Day School the owner and beneficiary of an existing policy

This option allows you to:

  • Make an irrevocable gift to Carolina Day School today with little or no impact on your current cash flow
  • Receive a charitable tax deduction for a portion of your gift

In addition, if premiums remain to be paid on the policy, a charitable deduction is allowed for each gift you make to CDS to cover the premiums.

Planning Tips

  • To make Carolina Day School a beneficiary of, or owner and beneficiary of, your life insurance policy, simply contact your insurer and complete the required form. You may need to provide the following information:
    • Legal name: Carolina Day School
    • Tax ID number: 56-0125490
    • Address: 1345 Hendersonville Road, Asheville, NC 28803
  • It's also possible to use a charitable donation to buy a new policy to benefit CDS. Contact us early in your planning if you'd like to pursue this option so we can work with you on this process.
  • If you are considering designating your gift for a specific purpose, such as a scholarship fund or support for a specific department, contact us to ensure that we understand your wishes.
  • Before finalizing a gift of life insurance, review your other assets (such as appreciated stock or IRA accounts) to make sure this is the savviest way for you to reach your goals.
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© Planned Giving Marketing. This document is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.

Carolina Day School | 1345 Hendersonville Road  Asheville, NC 28803 | smullins@carolinaday.org

Copyright © Carolina Day School and Planned Giving Marketing.

This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.