There are two basic ways life insurance can be used to help support the college, and each offers different benefits to you. You can make Carleton the beneficiary of a life insurance policy, or make Carleton the owner and beneficiary of a life insurance policy.
Make a gift using an asset that you and your family no longer need.
Reduce the size of your taxable estate.
Potentially receive an income tax deduction equal to the cash surrender value of the policy.
You may be able to use the cash value of your policy to fund a gift that delivers income, such as a planned gift annuity.
To make Carleton a beneficiary of, or owner and beneficiary of, your life insurance policy, contact your insurer and complete the required form. You may need to provide the following information:
Legal name: Carleton College
Address: One North College Street, Northfield, MN 55057
Tax ID#: 41-0694747
If premiums remain to be paid on the policy, contact us to discuss what sort of options are available.
It’s also possible to use a charitable donation to buy a new policy to benefit the college. 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 project, 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.
