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Ralph A. Milliken, M.D., A62, M64
I named the Hirsh Health Sciences Library as the beneficiary of my life insurance policy because I received a wonderful education from Tufts-both on the Hill and at the medical school.
The Charles Tufts Society honors alumni, staff, and friends who have included Tufts in their estate or gift plans.
Gifts of life insurance provide an opportunity to make a contribution to Tufts University without affecting your present financial status.
There are two simple ways to set up a gift of life insurance
- You can name Tufts as a/the irrevocable beneficiary of your life insurance policy, but retain ownership of the policy itself.
- Tufts' legal name is Trustees of Tufts College, of Medford, Massachusetts
- Tufts' tax identification number is 04-2103634
- You can name Tufts as the owner and beneficiary of your life insurance policy. If you name Tufts as the owner and beneficiary, Tufts will either elect to cash in the policy immediately to support the school or program of your choice or keep the policy and put the proceeds to use at a future date.
Benefits of a gift of life insurance
Later in life, you may have a life insurance policy that is no longer needed for its originally intended purpose. If you are in such a position, your policy may be a great asset with which to make a charitable donation.
- For example, your paid-up life insurance policies can be used to fund a gift to Tufts. If, for instance, you acquired several life insurance policies when your family was younger, the coverage may now be more than you need.
Tax Benefit: If you donate a policy, your charitable deduction will be either the fair market value of the policy or your cost basis (the total of your net premium payments)-whichever is less. We can help you determine these amounts.
- You can also transfer ownership of an existing policy which is not yet paid-up.
Tax Benefit: Your charitable deduction will be determined in the same way as if you had given us a paid-up policy. We reserve the right to surrender your policy or to keep it in force; you can make deductible gifts to offset the premium payments if we elect to continue the policy.
A gift of life insurance is for you if...
- You are maintaining insurance coverage that your family no longer needs.
- Please contact us if you wish to name Tufts as the owner or beneficiary of a life insurance policy so we can explain the benefits in more detail.
- It is important that you name Tufts as the irrevocable owner of the policy and not just the beneficiary if you intend to deduct your premium payments. The IRS does not allow deductions for your premium payments if you retain ownership of the policy.
Tufts University reserves the right to cash in any policy it owns at any time at its sole discretion. You may retain ownership and designate the university as the revocable beneficiary of a life insurance policy at any time. Such a designation will not, however, provide you with any immediate tax benefits or allow us to credit you with a gift for recognition purposes.