Use Life Insurance to Make a Gift to Manhattan University
A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Manhattan University. There are two basic ways insurance can be used to help support Manhattan University, and each offers different benefits to you.
Option 1: Make Manhattan University the beneficiary of the policy
This option allows you to:
- Create a meaningful legacy at Manhattan University
- Reduce the size of your taxable estate
- Retain the flexibility to change your mind
Option 2: Make Manhattan University the owner and beneficiary of an existing policy
This option allows you to:
- Make an irrevocable gift to Manhattan University 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 Manhattan University to cover the premiums.
Planning Tips
- To make Manhattan University 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:Manhattan University
- Tax ID number: 131740468
- Address:4513 Manhattan College Parkway, Riverdale, NY 10471
- It's also possible to use a charitable donation to buy a new policy to benefit Manhattan University. 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.