Lifetime Gifts of Insurance
(Important reminders)

DO:
It is important that you use our legal name, Foundation of the State University of New York at Binghamton, Inc., as the irrevocable owner of the policy and not just its beneficiary. If you retain ownership of the policy, the IRS will not allow a deduction for your gift.

WATCH OUT:
If you have borrowed against a life insurance policy, a gift of the policy with the loan still outstanding will create taxable income for you in the amount of the loan balance.

For more information

Email us, complete the personal illustration form, or call us at 607-777-4712 so that we can assist you through every step of the process.