Life Insurance Policy
There are several ways to make Mercy For Animals a beneficiary of your life insurance policy. Doing so provides Mercy For Animals with generous assets, while you memorialize your compassionate voice for abused and suffering farmed animals. Below are the different ways to make Mercy For Animals a beneficiary of your life insurance policy.
1. You can make Mercy For Animals a beneficiary of an existing life insurance policy upon your passing and the full asset amount of your policy will be given directly to Mercy For Animals. When designating Mercy For Animals as a beneficiary of your plan, please use the information below when filling out forms from your employer or insurance company:
- Mercy For Animals' legal name: Mercy For Animals, Inc. (Not MFA)
- Mercy For Animals' mailing address: P.O. Box 363, Columbus, OH 43216
- Mercy For Animals' federal tax identification number: 54-2076145
- Your relationship to the beneficiary should read: Charity
2. You can designate Mercy For Animals a beneficiary or owner of an existing paid-up life insurance policy; therefore, you can deduct an amount equal to the fair market value, or your cost basis, of the policy. You can either give the cash value of your life insurance policy to Mercy For Animals, or retain the policy upon your passing. Because Mercy For Animals becomes the owner or beneficiary, the proceeds will not be included in your estate for tax purposes.
3. Many employers provide life insurance policies to their employees as excess coverage. Most workplace life insurance policies require you to pay an income tax on the cost of coverage over $50,000. However, if you donate your life insurance policy to Mercy For Animals, the requirement to pay extra taxes is waived and you are free of paying any premiums.
4. Making Mercy For Animals the beneficiary or owner of a policy that you are paying premiums on enables you to deduct the amount equal to the cash value of the policy or the policy’s cost basis. Because Mercy For Animals becomes the owner or beneficiary, the proceeds will not be included in your estate for tax purposes.
Please consult with your attorney or professional advisor to ensure that your plans are in compliance with all laws.
Also feel free to email us at firstname.lastname@example.org if you have questions.