Thank you for your interest in gifts of life insurance to benefit the Brooklyn Prep Alumni Association.
If you have made BPAA the beneficiary of a life insurance policy, please make us aware of your generous decision. Be aware that a life insurance policy can have several beneficiaries. The insurance company can send you a "Change of Beneficiary" form so that adding beneficiaries, including charitable beneficiaries, is not complicated. Please know that a life insurance policy that provides benefits upon your demise cannot be considered a current gift to the Brooklyn Prep Alumni Association.
Wealth Replacement, where the donor uses payments from a Charitable Gift Annuity or Charitable Remainder Trust to pay premiums on a life insurance policy that will benefit the donor’s heirs, is an interesting tool that helps Alumni make a gift to BPAA while protecting their heirs at the same time.
If you have any questions please contact BPAA Board member Michael Comerford '72 who specializes in Trusts & Estates for assistance in any of these matters.
Comerford & Dougherty LLP
Whenever making important decisions regarding charitable giving or estate planning it is always best to consult your attorney and tax consultant.