Add a beneficiary to your policy.
It is relatively simple to make a change to the beneficiary/beneficiaries of your insurance policy without changing your will or other aspects of your estate plan. Just ask your insurance company for a form that will allow you to make the GALLOPNYC a beneficiary of your insurance policy.
Give a paid-up policy.
You can transfer ownership of a paid-up life insurance policy to the GALLOPNYC. After the transfer, the GALLOPNYC can elect to either cash in the policy right away or keep the policy and receive the death benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less.
Making the GALLOPNYC the owner and beneficiary.
You can take out a policy and make the GALLOPNYC the owner and beneficiary of the policy. Premium payments can be made by you directly to the insurance company or by the GALLOPNYC, by way of your annual gift to the organization. Whichever way the premiums are paid, you can take an income tax deduction.