Life Insurance Beneficiary Gift

Use Life Insurance to Make a Gift to Bottomless Closet

A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Bottomless Closet. There are two basic ways insurance can be used to help support Bottomless Closet, and each offers different benefits to you.

Option 1: Make Bottomless Closet the beneficiary of the policy

This option allows you to:

• Create a meaningful legacy at Bottomless Closet
• Reduce the size of your taxable estate
• Retain the flexibility to change your mind

Option 2: Make Bottomless Closet the owner and beneficiary of an existing policy

This option allows you to:

• Make an irrevocable gift to Bottomless Closet today with little or no impact on your current cash flow
• Receive a charitable tax deduction for a portion of your gift

In addition, if premiums remain to be paid on the policy, a charitable deduction is allowed for each gift you make to Bottomless Closet to cover the premiums.

Planning Tips

• To make Bottomless Closet a beneficiary of, or owner and beneficiary of, your life insurance policy, simply contact your insurer and complete the required form. You may need to provide the following information:
  • Legal name: Bottomless Closet
  • Tax ID number: 13-4037622
  • Address: 1 West 34th Street, Fifth Floor, New York, NY 10001
• It's also possible to use a charitable donation to buy a new policy to benefit Bottomless Closet. Contact us early in your planning if you'd like to pursue this option so we can work with you on this process.
• If you are considering designating your gift for a specific purpose, such as a scholarship fund or support for a specific department, contact us to ensure that we understand your wishes.
• Before finalizing a gift of life insurance, review your other assets (such as appreciated stock or IRA accounts) to make sure this is the savviest way for you to reach your goals.