Life Insurance

By making the Frick the beneficiary (or contingent beneficiary) of a life insurance policy, you can make a future gift that may exceed your present capacity. One of the big advantages of this type of giving is that you maintain lifetime ownership of the policy, including the right to cash it in, borrow against it and change the beneficiary. Because you own the policy during your lifetime, an income tax charitable deduction for this future gift (or for the premium payments you made during your lifetime) is not applicable. However, and for some perhaps more important, your estate can take an estate tax charitable deduction.

Alternatively, you may also choose to transfer ownership of a policy to the Frick, or purchase a new policy with the Frick as owner and beneficiary. If you choose this method, you are entitled to certain tax advantages. Call us for more information and, as always, consult your legal counsel when making any estate plan.

For more information on bequests or other planned giving options at the Frick, contact Susan Neszpaul at sneszpaul@TheFrickPittsburgh.org or by calling 412-371-0600, extension 556.