Life Insurance gifts empower you to make a major financial contribution to The Franklin Foundation in instances where you may not have many monetary assets, but still want to provide a major contribution to the foundation's efforts. In addition to providing you with the opportunity to become Franklin Legacy Circle member, your generous donation can help ensure the empowerment of future generations thus having a positive impact on American innovation.

There are a few ways you can use your life insurance benefits to benefit the foundation's activities:

1. You can make The Franklin Foundation the owner and beneficiary of an already existing fully paid life insurance policy. By doing so, you may be able to deduct an amount equal to the approximate cash value in the year that you make the gift. Since The Franklin Foundation becomes the owner of the policy, the proceeds will not be included in your estate for tax purposes.
   
   
2. You can make The Franklin Foundation a beneficiary of an already existing life insurance policy. Upon your passing, the full face value amount of the policy will go to our organization. Although the proceeds from the policy will be included in your gross estate, the full amount received by The Franklin Foundation may be deductible as a charitable deduction. To make The Franklin Foundation a beneficiary of an already existing life insurance policy, you can simply request a beneficiary designation form from your insurance policy company.
   
   
3. You can make The Franklin Foundation owner and beneficiary of a policy on which you are still paying premiums. As with donating an already existing fully paid policy, you may be able to deduct an amount equal to the approximate cash value of the policy in the year that it is made. You may also be able to deduct any future premium payments, and the proceeds will not be included in your estate for tax purposes.
   
   
4. You can purchase a new policy and make The Franklin Foundation the owner and beneficiary. Because The Franklin Foundation is the owner, you may be able to deduct premiums as charitable contributions for as long as the premiums are paid, subject to state limitations. In addition, the proceeds will not be included in your estate for tax purposes.
   

Our major gifts team would be more than happy to give you more information on planned giving to The Franklin Foundation, as well as work with your legal, estate planning, and/or tax advisors to ensure a smooth endowment process. Please contact the Major Gifts team for the foundation at majorgifts@franklinfound.org.