Life Insurance

Many friends find that a gift of a life insurance policy is a unique way to realize charitable goals. In order to qualify as a contribution, a charity must become the owner and beneficiary of the policy (this change is easily handled by your insurance professional).  For income tax purposes, the "reportable gift" is usually an amount equal to the lesser of premiums paid or the approximate cash value of the policy.

Donors may also consider designating Berry as the beneficiary of all or a portion of a life insurance policy.  While this would not qualify as a deductible contribution in the eyes of the IRS, it would be a generous way to provide a future planned gift for Berry.  Those designating Berry as a beneficiary of life insurance become members of the Berry Heritage Society, and this type of gift is one of the easiest planned gifts to make.  Usually, a simple call to your insurance company to request a change of beneficiary form is all that you need.