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15 May 2024

Your Insurance And Other Assets Can Be Your Legacy

When most people think about making a charitable gift to a nonprofit organization like HudsonAlpha Institute for Biotechnology, they think of giving cash from a checking or savings account. We appreciate gifts of any kind to help support our mission, but there are many ways you can make a donation and benefit by making a gift other kinds of assets to HudsonAlpha.

What noncash assets can be donated?

What types of noncash assets do you own? A gift of any of the below assets and more can provide you with benefits (such as income and tax savings), and help move HudsonAlpha’s mission forward:

  • Securities such as stocks, bonds, and mutual funds,
  • Life insurance policies,
  • Retirement accounts,
  • And more.

How is making a gift of noncash assets beneficial?

Making a gift of noncash assets can help you in the following ways:

  • If you give appreciated assets, you can avoid paying capital gains tax,
  • You will receive a charitable deduction for your gift, which can lower your tax bill,
  • You can make a gift today while preserving your cash for immediate or future needs,
  • You may be able to make greater gifts than you ever thought possible.

Why is life insurance a good option for charitable giving?

Life insurance is one of the best and easiest ways to create a meaningful legacy. There are many reasons why life insurance is important. It is an easy way to leave something to provide for the people or causes that mean the most to you. Here are some ways life insurance can benefit you and support HudsonAlpha’s mission:

  • When you make a gift of your life insurance policy to HudsonAlpha, you will receive an income tax deduction this year,
  • You can give your unneeded policy to support HudsonAlpha’s mission today,
  • You can name HudsonAlpha as a beneficiary of a policy you still want to hold on to,
  • You can transfer your policy into a charitable remainder trust or other instrument and receive income and tax benefits on its value.

Learn more about making a gift of life insurance.

Learn more about making a gift through life insurance or other assets

Check out our free tools for planned giving. If you have any questions about giving through your life insurance policy or other assets, please reach out to Jeff Moore, Director of Planned Giving and Major Gifts Officer, at jemoore@hudsonalpha.org or 256-327-9434.

Tax-deductible contributions to the Foundation are for the sole purpose of advancing the mission of the HudsonAlpha Institute for Biotechnology.

This information is not intended as tax, legal or financial advice. Consult your financial advisor for information specific to your situation.