Life Insurance can become a gift of much greater value than the actual money expended when the policy is given to the Monticello Area Education Foundation, which is named as the beneficiary.
Three different giving opportunities are available with life insurance. First, a donor can contribute a "paid-up" policy to the Monticello Area Education Foundation and receive an income tax deduction equal to the policy's cash/replacement value. Second, a donor can name the Foundation as primary beneficiary of the policy. This results in estate tax savings, but no income tax deduction. Third, a donor can name the Foundation as owner and beneficiary of a new policy and receive an income tax deduction for the amount of the premiums paid.