LSF as my life insurance beneficiary

[Michael Fisher]

I am in a position to change the beneficiary on my $200k life insurance policy and will probably make the LSF the primary beneficiary on my policy.

We should put up some details on the donate section of the website explaining how to do this.

Other charities do this. Why shouldn't we? ???

[aries]

Watch your back! 

If you can do that, go for it. It's best to keep quiet about it though, because sometimes people do crazy things... for isntance murdering someone for $$.

Plus it will always come as a nice surprise to the scholarship fund when they get it, and you'd probably get your name on something big.

[FSPinNY]

The LSF can be the beneficiary in any percentage on life insurance, pension plans, IRAs, and annuities. Some of the other gifting options rely on the 501c3 status of the beneficiary organization. I can write it up Mike.

Brian 

[PowerPenguin]

On this note, what's the status of "death taxes"? The US Congress suposedly repealed this on the federal level, right? What about NH as a state? If this is a problem, one solution would be that if you are 95%+ certain that you're going to die soon, donate the $ to various people in smaller staggered increments. In turn, these beneficiaries donate it to the foundation, and BAM! you died  penniless boo hoo

[Michael Fisher]

The LSF can be the beneficiary in any percentage on life insurance, pension plans, IRAs, and annuities. Some of the other gifting options rely on the 501c3 status of the beneficiary organization. I can write it up Mike.

Brian 

Sounds great! 

I hope I can get more time to work on the LSF soon...

[Michael Fisher]

Nice to see you back again, Mike.

Thanks, Scott. It's nice to be back!

[Michael Fisher]

Watch your back! 

If you can do that, go for it. It's best to keep quiet about it though, because sometimes people do crazy things... for isntance murdering someone for $$.

Plus it will always come as a nice surprise to the scholarship fund when they get it, and you'd probably get your name on something big.

What? ???

[aries]

Someone is very paranoid here...

Of course I am! I'm in the Free State Project, I'm nearly an anarcho-capitalist, how could I not be paranoid too? 

[Michael Fisher]

The LSF can be the beneficiary in any percentage on life insurance, pension plans, IRAs, and annuities. Some of the other gifting options rely on the 501c3 status of the beneficiary organization. I can write it up Mike.

Brian 

The LSF will be the recipient of $100,000 of planned gifts through my life insurance policy within the next few days. This is a $13 per month expense for me to maintain. Sounds like a lot of bang for the buck.

All it requires to set up a planned gift is the LSF's EIN and mailing address. I hope to see your write-up of this soon. This definitely seems like a good fundraising strategy to pursue, even though some donors may choose to keep their planned gift a secret.

[KBCraig]

The LSF will be the recipient of $100,000 of planned gifts through my life insurance policy within the next few days.

I hope you don't mean that LSF (or anyone else) will be collecting on your policy in the next few days! 

[Michael Fisher]

The LSF will be the recipient of $100,000 of planned gifts through my life insurance policy within the next few days.

I hope you don't mean that LSF (or anyone else) will be collecting on your policy in the next few days! 

LOL

[FSPinNY]

The LSF can be the beneficiary in any percentage on life insurance, pension plans, IRAs, and annuities. Some of the other gifting options rely on the 501c3 status of the beneficiary organization. I can write it up Mike.

Brian 

The LSF will be the recipient of $100,000 of planned gifts through my life insurance policy within the next few days. This is a $13 per month expense for me to maintain. Sounds like a lot of bang for the buck.

All it requires to set up a planned gift is the LSF's EIN and mailing address. I hope to see your write-up of this soon. This definitely seems like a good fundraising strategy to pursue, even though some donors may choose to keep their planned gift a secret.

I'll get to work on it. That's a very nice gift Mike, thank you.

Just for fun, I ran this; invest $13 per month for the last 40 years in the S&P 500 - you'd have $113,307 on 3/31/06, with a total average annual return of 11.62%.

Brian

[tracysaboe]

Mike, that's a really bad idea.

Insurence is suppost to insure against the unexected. It's suppost to insure against loss that the benificiery would have.

I suppost it could be argued that the LSF would loose an asset if you died (nobody advertising for it anymore, etc.) but frankly it's not an insurable interest.

You'd be better off, not having insurence now that nobody's depending on your life.

Take the money and invest all that money you're currently putting in life insurence now, nad invest that in the LSF endowment fund now.

If you have a cash value policy, you're getting ripped off anyway. (If you want me to elaborate say so.) Cash it out. And invest that in the LSF endowment fund too.

If you don't have anybody depending on you for their livelyhood. You have no need for life insurence.  You'd be better off getting rid of it, and using your monthly premiums in better ways.

Tracy

[Michael Fisher]

If you have a cash value policy, you're getting ripped off anyway. (If you want me to elaborate say so.) Cash it out. And invest that in the LSF endowment fund too.

I'm wrong often, but I'm not that stupid. The ~2% "ROI" of whole life insurance is absurd and I feel bad for anyone who falls for it.

[tracysaboe]

If you have a cash value policy, you're getting ripped off anyway. (If you want me to elaborate say so.) Cash it out. And invest that in the LSF endowment fund too.

I'm wrong often, but I'm not that stupid. The ~2% "ROI" of whole life insurance is absurd and I feel bad for anyone who falls for it.

Well that's good. It's amazing the number of people who DO fall for it though. I still find new clients (through Primerica) that have cash value policies.

Anyway, you should seriously think about simply donating the $13/month to the LSF and dropping the term policy al-together vs keeping it and naming the LSF the benificiary. Unless you seriously believe that the LSF would fall about w/o you.

Tracy