Supporter Spotlight
Grateful for the wonderful care their son received from Cleveland Clinic pediatric neurologist, Bruce Cohen, MD, Pyramid Legacy Society members James and Jane Vitou named Cleveland Clinic as a beneficiary of their life insurance policy.
“Dr. Cohen was so reassuring and compassionate. We knew we were in the right place, getting the best care," Mr. Vitou says. "This charitable gift allows us to show our gratitude in a way words could never express, and it’s an easy way for us to give back to Cleveland Clinic, help future generations and still provide for our children."
A Gift of Life Insurance
Life insurance is an asset that is frequently overlooked as a gift possibility. If you or your family no longer depend on your life insurance policy, contributing its value may be a convenient way to fulfill your philanthropic goals.
The proceeds from a gift of life insurance will be removed from your estate and avoid probate costs if you live more than 3 years after donating the policy. If you wish to assign ownership of an existing policy to Cleveland Clinic, you will be entitled to an immediate deduction and the proceeds will avoid estate taxes.
Planning Tip
You might consider using life insurance if you make a gift of another asset, such as highly appreciated real estate, but wish to replace the value of that asset to your family. By using the tax savings the gift generates to purchase a life insurance policy, you can replace the value of the gift in the estate for the benefit of your family.
Contact Us
For a confidential discussion about the benefits of making a gift of life insurance to Cleveland Clinic, please call Institutional Relations and Development at 216.444.1245 and ask to speak with a member of our gift planning team or email giftplanning@ccf.org.
This website is prepared as general information for friends of Cleveland Clinic. Its purpose is to identify opportunities that may be helpful to guide charitable giving, tax and financial planning. Please consult professional advisors about the applicability of any item to an individual situation.
