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Financial Advisors' Information

Many Americans purchase universal or whole life insurance policies each year. Over time, the original purpose for the policy may no longer be relevant, and the same policy can be a good candidate for a charitable gift.

Making the WVU Foundation (FEIN 55-6017181) the owner and beneficiary of the policy means that the client earns a federal income tax deduction for the lesser of (1) the fair market value of the policy and (2) the cost basis.

Changing only the beneficiary of the policy to the WVU Foundation will not yield a current income tax deduction for the client but will provide a deduction for the client’s estate in the future.

Additional instructions about how the client wants the death benefits to be used are appropriate. Please contact us with questions or if your client has already made such a beneficiary designation.