You transfer ownership of a paid-up life insurance policy to Soroptimist.
After the transfer, Soroptimist elects to cash in the policy now or to keep the policy and receive the death benefit later.
Benefits
You receive a gift credit and an immediate income tax deduction for the cash surrender value of the policy (technically, the “interpolated terminal reserve value”).
In some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity.
You have the satisfaction of making a significant gift to Soroptimist without adversely affecting your current cash flow or disturbing your other financial plans.
