Use Life Insurance to Make a Gift to Memorial Medical Center Foundation
A life insurance policy can be a versatile and effective asset for making a significant charitable gift to MemorialCare Long Beach. There are two basic ways insurance can be used to help support MemorialCare, and each offers different benefits to you.
Option 1: Make
MemorialCare Long Beach
the beneficiary of the policy
This option allows you to:
- Create a meaningful legacy at
MemorialCare Long Beach
- Reduce the size of your taxable estate
- Retain the flexibility to change your mind
Option 2: Make
MemorialCare Long Beach
the owner
and beneficiary of an existing policy
This option allows you to:
- Make an irrevocable gift to
MemorialCare Long Beach
today with
little or no impact on your current cash flow
- Receive a charitable tax deduction for a
portion of your gift
In addition, if premiums remain to be paid on the
policy, a charitable deduction is allowed for each
gift you make to
MemorialCare
to cover the premiums.
Planning Tips
- To make
MemorialCare Long Beach
a beneficiary of, or owner and beneficiary of, your life
insurance policy, simply contact your insurer and complete the required
form. You may need to provide the following information:
- Legal name:
MemorialCare Long Beach
- Tax ID number:
95-6105984
- Address:
2801 Atlantic Ave., Long Beach, CA 90806
- It's also possible to use a charitable donation to buy a new policy to benefit
MemorialCare.
Contact us early in your planning if you'd like to pursue this option so we can work
with you on this process.
- If you are considering designating your gift for a specific purpose, such as a scholarship fund
or support for a specific department, contact us to ensure that we understand your wishes.
- Before finalizing a gift of life insurance, review your other assets (such as appreciated stock
or IRA accounts) to make sure this is the savviest way for you to reach your goals.
