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Gifts of Life Insurance
(A Gift of Buried Treasure)
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How it works
- You transfer ownership of a paid-up life insurance policy to the American Red Cross.
- The Red Cross elects to cash in the policy now or to keep the policy and receive the death benefit later.
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Benefits
- You receive gift credit and an immediate income tax deduction for the cash surrender value of the policy.
- In some cases, you can use the cash value in your policy to fund a life-income gift, such as deferred gift annuity.
- You can have the satisfaction of making a significant gift now to the Red Cross without adversely affecting your cash flow.
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