Use Life Insurance to Make a Gift to Joe DiMaggio Children’s Hospital Foundation
A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Joe DiMaggio Children’s Hospital Foundation. There are two basic ways insurance can be used to help support JDCH Foundation, and each offers different benefits to you.
Option 1: Make Joe DiMaggio Children’s Hospital Foundation the beneficiary of the policy
This option allows you to:
- Create a meaningful legacy at Joe DiMaggio Children’s Hospital Foundation
- Reduce the size of your taxable estate
- Retain the flexibility to change your mind
Option 2: Make Joe DiMaggio Children’s Hospital Foundation the owner and beneficiary of an existing policy
This option allows you to:
- Make an irrevocable gift to Joe DiMaggio Children’s Hospital Foundation 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 JDCH Foundation to cover the premiums.
Planning Tips
- To make Joe DiMaggio Children’s Hospital Foundation 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:Joe DiMaggio Children’s Hospital Foundation, Inc.
- Tax ID number: 65-0492343
- Address:3329 Johnson Street, Hollywood, FL 33021
- It's also possible to use a charitable donation to buy a new policy to benefit JDCH Foundation. 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.