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Tuesday
Oct262010

Gifts of Life Insurance

The Attorney-CPA Foundation may be named as a revocable or irrevocable beneficiary of an insurance policy, or a life insurance policy may be donated by naming the Attorney-CPA Foundation as the irrevocable owner and beneficiary of the policy. Special consideration shall be given to the insurable interest rules of the state of domicile of the Donor, and the effect that these laws have upon the tax consequences of a gift of life insurance. Also, arrangements should be made to insure that annual premium payments are made by the donor.

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