“Old” Insurance: Did you purchase a life insurance policy years ago to protect young children who have long since grown up and left home? Paid-up policies with a cash value often remain in force, even though they have outlived their usefulness.
Such a paid-up policy can help the VHS in two different ways. If given ownership of the policy, the VHS can redeem it at once for an amount close to its cash value, for a very substantial gift. If the VHS becomes the beneficiary, then it will one day receive the policy’s death benefit, assuming any required premiums are paid.
Workplace term life insurance: Many workers enjoy a term life benefit through their workplace. Making the VHS a partial beneficiary of such a policy begins a process of planning a legacy for the VHS, whose advocacy for history is unique. Although such policies usually lapse at the end of your time with that employer, such a designation begins a habit of mindfulness that is likely to result in your leaving a durable legacy to the VHS.
Making the VHS owner of a paid-up policy with cash value constitutes an outright gift to the VHS and generally entitles the donor to a charitable deduction. Please see an attorney for advice about your particular case.
Other options for creating a legacy for the VHS in your long-range plans include: