Other Giving Strategies

Gift of Life Insurance

Some of our supporters no longer need their life insurance that was purchased years ago to provide for children or other family members.
By transferring the life insurance policy to Lifeworks you can help us and receive an income tax deduction for the gift.

There are a variety of ways to use your life insurance for a substantial gift to Lifeworks. Depending on the type of policy you donate, you may receive an upfront income tax deduction for approximately the amount of the policy’s cash surrender value and any future premium payments may also be tax-deductible. The proceeds from the insurance are completely removed from your estate.

Gift of Retirement Plans

You may have a qualified retirement plan such as an IRA, 401(k), 403(b) or Keogh plan that has grown assets tax free for years. Since the distributions from these plans are subject to income tax and are also included in one’s taxable estate, retirement plans may be an excellent source for making a tax deductible donation to Lifeworks.

One good tax friendly way to make a donation of all or part of your qualified retirement plan is by creating a Charitable Remainder Trust through your will. It works like this: The retirement plan assets you designate are transferred to the tax exempt trust. The trust will provide life income to the designated beneficiary with an eventual gift (the remainder) made to Lifeworks. The beneficiary will pay income tax on the distributions from the trust. Your estate will receive an estate tax charitable deduction for the value of the donation that eventually goes to Lifeworks.

Gift of Securities/Land

A gift of appreciated stock or real estate is a great way to make a donation. You will help Lifeworks and get a smart tax donation in the process.