Hello AASP, Does anyone have a gift agreement they'd be willing to share with details related to a gift of life insurance? The donor is planning to apply for the policy and name the university as owner and beneficiary. Further, he is going to donate stock to cover the cost of the premium (up front).
I'm thinking this will need to be two-fold:
1. the gift of stock to cover life insurance premium 2. realized life insurance pay-out in the future; will support undergraduate studies/labs/supplies at Armour College of Engineering Anything at all would be so appreciated!
John, Thank you for such a quick response! It's my understanding that the donor is taking this route because of a specific tax benefit. Which then leads me down another rabbit hole. Apparently there are additional IRS rules for a single premium life insurance policy? News to me! https://www.policygenius.com/life-insurance/what-is-single-premium-life-insurance/
Does it seem reasonable to have the agreement address these questions?