Many people may not think about using a life insurance policy or a commercial annuity contract to make a charitable gift, but the fact is there are terrific ways these instruments can be harnessed to support charitable initiatives, including Mount Vernon’s broad array of programs as well as our endowment.
There Are Three Ways to Support Mount Vernon Through Insurance-Related Gifts
1. You can name our organization as an end-of-life
beneficiary of an existing annuity contract or life insurance policy—including life insurance offered by an employer. You can arrange to have 100 percent of the benefit come to Mount Vernon, or divide the benefit so that we share it with other charities or people. This method of giving is completely flexible—you’re free to change beneficiaries at any time, as often as you like. You own the policy or annuity contract, as the case may be, and pay any premiums directly to the insurance company. The primary tax benefit of this method is that the proceeds that come to Mount Vernon will not be subject to an estate tax. In addition, amounts we receive from a commercial annuity upon death are not subject to income tax.
2. You can take out a new life insurance policy on yourself and have it be owned from the start by Mount Vernon. You pay the premium directly to the insurance company and because each such payment benefits Mount Vernon, you can take a tax deduction for the premium amount. Proceeds after death will come directly to us free of estate tax.
3. You can also transfer ownership of an existing life insurance policy to Mount Vernon. Ideal for this sort of gift is a policy that provides protection no longer needed by you and your family. You receive an income tax deduction for the lesser of its current value or what you have paid for it over the years. Furthermore, if premiums are still owed on the policy, you pay the premium directly to the insurance company and because each such payment benefits Mount Vernon, you can take a tax deduction for the premium amount. Proceeds after death will come directly to us free of estate tax.
Note: Under either option 2 or option 3, Mount Vernon might elect in later years to surrender the policy for its cash value or convert it to a paid-up policy with a lower death benefit, although we would first attempt to discuss these possibilities with you.
Special Considerations
Please contact us about restricting your asset gift to the specific Mount Vernon program(s) of your choice.
Unrestricted contributions are preferred; however, we also welcome a conversation if funding a specific program is critical to you. We have many projects – both short-term and ongoing – at Mount Vernon for which we seek support. We can tell you about all the available options today – and tomorrow, when posterity will visit and revere George Washington’s home and legacy.
Gifts to Mount Vernon may be made in memory of any deceased person(s) or in honor of any living person(s). If you give us permission to list your planned gift in our annual report, then we will list your name along with your brief gift dedication.
Join Our Legacy Society with Your Life Insurance Gift
If you plan an insurance policy gift(s) to Mount Vernon CGA in your will or estate plan, you become a member of our legacy group: the Ann Pamela Cunningham Society. Ann Pamela Cunningham founded the Mount Vernon Ladies' Association in 1853 and tirelessly gathered support from across America to rescue George Washington's home, sparking the U.S. historic preservation movement.
Our hope is that you will let us know about your planned gift so we can thank and recognize you.
You will receive these privileges of membership in the Ann Pamela Cunningham Society:
· Personalized certificate of appreciation
· Free subscription to Mount Vernon’s
Yesterday, Today, Tomorrow newsletter
· Mount Vernon’s annual report
· Updates on Mount Vernon news
· Invitations to events and special evenings
· Recognition of your planned gift in Mount Vernon publications
(unless you prefer to remain anonymous)
Other Types of Planned Gifts that May Interest and Benefit You
If you are considering a life insurance gift, be aware that other gift types – such as an outright donation of securities or real estate, a charitable gift annuity, a charitable remainder trust, or a retained life estate arrangement involving a personal residence – may be suitable or preferable, taking into account your goals and needs.
Of course, arranging a gift for Mount Vernon through a will or through some other element of an estate plan – e.g., including our organization as a beneficiary of a financial or retirement account or asset – is also an act of considerable generosity that many people can afford even if a large lifetime gift is not realistic.
Our development staff can help you plan the right gift in light of your assets, income, and family and other estate or financial obligations. You may be able to be a greater philanthropist than you realize. Would you consider making the gift of a lifetime to Mount Vernon if we can show you how?
We Invite You to Contact Us
In all of our 150 years of existence, the Mount Vernon Ladies’ Association has neither requested nor accepted government funding. We are a 501(c)(3) charity and our programs and endowment depend on your support. Our tax identification number is 54-0564701.
Direct your confidential inquiries and notifications about legacy gifts for the benefit of Mount Vernon to:
Mount Vernon Gift Planning
P.O. Box 110, Mount Vernon, VA 22121
1-800-780-1799 / specialgifts@mountvernon.org
Information also available at mountvernon.org/specialgifts.
This information provided by Mount Vernon is not financial, tax, or legal advice.
You should consult your advisors before making your charitable giving decisions.
