Policies which are no longer needed for their originally intended purpose can make a very generous gift to the SUNY Sullivan Foundation. The college may be named beneficiary and after the death of the insured the face value of the policy reverts to the Foundation. There is no income tax deduction unless SUNY Sullivan is also named the owner of the policy.
Naming the SUNY Sullivan Foundation as beneficiary and/or owner must be done on forms provided by the plan administrator of your insurance policy. The form will require the correct legal name of the Foundation as well as the tax identification number.
When the SUNY Sullivan Foundation is named as owner, you as the donor will receive a tax deduction based on the on the interpolated cash surrender value. If you are still making payments on the policy and have named the SUNY Sullivan Foundation as the owner, your premium payments are tax deductible.
You may create a new life insurance policy on your life with SUNY Sullivan as beneficiary and owner, and where you as the donor can claim a charitable deduction for the premium payment.
Estate gifts at your death may be made from designating the SUNY Sullivan Foundation as beneficiary of your IRA, 401k, 403b, Keogh et al. There is no current income tax deduction, but a there is an income and estate tax benefit to your estate.
Making gifts to the SUNY Sullivan Foundation and other qualified charities from retirement plans at your death will avoid income and estate tax from your estate. Making gifts to individual heirs from those tax-deferred retirement plans will result in income and estate tax to the heir, and can be well over 50% of the value of the distribution to the heir.