A Little Now Goes a Long Way Later

Charitable giving has always been a part of Ed and Gale Milgrim’s lives. That is why they decided to leverage dollars earmarked for charity by purchasing a life insurance policy to be held by TOP Jewish Foundation for the benefit the Hebrew Day School (HDS) in Orlando.

“We hope that others will make significant charitable gifts through life insurance or other planned giving techniques that TOP Jewish Foundation offers, so that we can all help to ensure the future financial well-being of our Jewish community,” says the Milgrims.

Paying annual fixed premiums on the life insurance policy provides an annual tax deduction to the donor, since the policy is owned by a charity, TOP Jewish Foundation. Premiums continue until there is enough cash value in the policy. Then, the investment returns on the cash value of the life insurance policy will pay the annual premium payments until the demise of the insured.

When the insured dies, the life insurance policy death benefit is paid to TOP Jewish Foundation creating a charitable fund that supports their charitable organizations and/or interests designated by the donor during their lifetime.

A person can also transfer and donate an existing policy by naming TOP Jewish Foundation as the policy’s owner and beneficiary. With this approach, an individual can receive an income tax deduction for the cash value of the policy, as well as, deductions for future gifts that cover premium payments.