Life insurance may offer an attractive way to make a major gift to LACMA. If you have a current policy, you may want to name LACMA as a beneficiary or contingent beneficiary. Any benefit LACMA receives from your insurance will be excluded from your taxable estate.
By taking the extra step of naming LACMA the irrevocable beneficiary and owner of your life insurance policy, you can obtain an immediate income tax charitable deduction equivalent to either the policy's cash surrender value or replacement value. If additional premiums are due, you can deduct those payments as charitable contributions each year.
The purpose of this web page is to provide information of a general nature only. Advice from your own legal and tax counsel should be sought when considering any gift arrangement.
For further information, contact Diana Veach, Office of Gift Planning, at 323 857-6207 or via email.
LACMA Federal Tax ID: 95-2264067