Gifts of Life Insurance to the AKC Canine Health Foundation provide an excellent opportunity to leave a substantial legacy of helping all dogs and their owners live longer healthier lives.
Life Insurance gifts can be an existing policy, either paid or partially paid, or a new policy. If the policy is an existing policy, fully paid, the life insurance gift to the charity is accomplished by naming the AKC Canine Health Foundation as the beneficiary of the policy on the beneficiary designation form. Upon the donor’s death, the Foundation will receive all, or a portion of, the proceeds from the policy depending on the wording of the beneficiary designation.
Gifts of Life Insurance policies, if established in a certain way, can be attractive to donors who desire to receive a charitable income tax deduction. To receive this charitable income tax deduction, when establishing the insurance policy the Foundation must be made the owner and the beneficiary of the policy. Charitable income tax deductions equal to the cash surrender value of the policy and the premiums paid by the donor can be realized only when a life insurance policy is created where the Foundation is the owner and beneficiary of the policy. In this case the donor gives up all rights of ownership to the policy.
As with any decision involving your assets, we urge you to seek the advice of your professional counsel when considering an irrevocable life insurance policy gift to the AKC Canine Health Foundation.
Sample Life Insurance Gift Language:
For a Life Insurance Beneficiary Form Designation:
I hereby name the AKC Canine Health Foundation, a non-profit 501 (c)(3) Corporation, headquartered in Raleigh, North Carolina, (Federal Tax ID 13-3813813) as the beneficiary of my _________________________(name of insurance company) Policy #_____________________, with a face value of $___________. I designate that upon my death _________________ (100%, 50%, 25%) per cent of the proceeds be distributed to the AKC Canine Health Foundation to be used to advance sound scientific research and support the dissemination of health information to prevent, treat and cure canine disease.
Help Future Generations of Dogs
Participate in canine health research by providing samples or by enrolling in a clinical trial. Samples are needed from healthy dogs and dogs affected by specific diseases.