What it is:
There are three options when using life insurance:
- You can designate the BPSEF as beneficiary of any life insurance policies you own.
- You can give a policy you own to the BPSEF.
- You can create a new policy with you as the insured and the Foundation as the owner and beneficiary of the policy.
Policies You Own: Life insurance policies are a common tool used in planning for the future. Designating the BPSEF as a beneficiary under a life insurance policy is a great way to reduce your estate tax liability and make a meaningful gift. Designating the BPSEF as your life insurance beneficiary is easy. No lawyers are needed to structure a plan and you can change the beneficiary at any time during your life if your circumstances change.
Policies You Give To The Foundation: Idaho allows a charity to own a donors life insurance policy. This opens up additional options for planned giving. You can make a gift of an existing policy to the BPSEF or purchase a new policy with the BPSEF as the owner and receive a current charitable deduction.