When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse now deceased—your policy can become a powerful and simple way to support our work. There are three ways to give life insurance to Texas Medical Association Foundation:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. You can make a lump sum payment to the foundation to cover the premium costs to maturity or make annual contributions to the foundation in the amount of the annual payment. Each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name TMA Foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums to the foundation, each payment is tax deductible as a charitable gift when you itemize.
Want to learn more about this simple gift? Download your FREE copy of our informative guide Change Lives With Life Insurance.View My Free Brochure
- Contact Lisa Stark Walsh, MA at 800-880-1300, x1666 or 512-370-1666 or firstname.lastname@example.org for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include TMA Foundation in your plans, please use our legal name and federal tax ID.
Legal Name: Texas Medical Association Foundation
Address: 401 W. 15th Street, Suite 100, Austin, TX 78701
Federal Tax ID Number: 74-6073346
All prospective gifts are reviewed in accordance with TMA Foundation gift acceptance policies.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.