Flo's Legacy Fund
An agreement between a policyholder and a life insurance company to pay death benefits and/or lifetime income to the policyholder and/or beneficiaries.
DONOR PROFILE: Anyone
ESTATE VALUE: All
ANNUAL INCOME: All
SUITABLE ASSETS: Any term, whole, or variable life insurance policy in which the donor names charity as owner and beneficiary of the policy.
ADVANTAGES TO DONOR: Gift of future income to charity on a preset budget basis. Current income tax deduction allowed fod for the future gify. Estate assets retained for family.
DONOR CONTROL: None; charity is named as owner and beneficiary . Donor is simply the insured.
BENEFITS TO CHARITY: Receives annual dividends. Owns increasing cash values. Receives proceeds at death of contributor.
DISPOSITION OF INCOME: Charity is absolute owner and beneficiary of the cash policy.
DISPOSITION OF PRINCIPAL: Charity has control over cash surrender values and death benefits.