Somewhere in a file cabinet, tucked behind old tax returns and expired passports, you may already have an asset that could become part of your charitable legacy without even realizing it.
It's your life insurance policy.
Why we buy it, and why it's worth revisiting
Most of us buy life insurance at a specific moment: newlyweds starting a family, first-time homeowners, or new parents wanting to make sure their kids would be protected no matter what. It is a promise to the people who depend on us.
Years pass. Children grow up. Mortgages get paid off. Financial circumstances change. The reason you bought the policy quietly fades while the policy itself may still have an important role to play. It just sits there, forgotten, still accumulating value, still doing nothing.
That may be the gift in the back of your file cabinet. And it may offer another way to carry your legacy forward through Turkish Philanthropy Funds.
Is this gift right for you?
A gift of life insurance may be worth exploring if any of these sound familiar:
You're maintaining coverage that our family no longer needs. Your children are grown and doing well, or you have other assets that already provide for the people you love.
You've been more financially successful than you expected, and your priorities have shifted toward giving back.
You're looking beyond cash or appreciated securities for another asset that could become part of your charitable giving.
You want to build a meaningful future charitable gift as part of a broader estate plan.
If any of that resonates, it may be worth reviewing the policy with your insurance, tax, or estate-planning advisor and talking with TPF about what may be possible.
Two simple ways to give
Donate an existing policy. You can irrevocably transfer ownership of an existing policy to Turkish Philanthropy Funds and name TPF as beneficiary. Depending on the policy and your individual circumstances, you may be eligible for a charitable income tax deduction. The amount of any deduction depends on applicable tax and valuation rules. If premiums remain due after the transfer, additional gifts to TPF that are used to pay those premiums may also qualify as charitable contributions, subject to applicable rules and limitations.
Designate TPF and/or its partners as a beneficiary. If you are not ready to transfer ownership, you may name Turkish Philanthropy Funds as a full or partial beneficiary of an existing policy. You retain ownership and control of the policy and generally can change the beneficiary designation later. A beneficiary designation does not generally create a current charitable income tax deduction, but it can become a meaningful future gift as part of your estate and philanthropic planning. If you have a particular cause or organization in Türkiye in mind, we can integrate that into your charitable wishes through TPF.
The first step may be as simple as contacting your insurance company to review its beneficiary designation or ownership-transfer requirements. If you choose to name TPF as beneficiary, you will typically need our legal name and Tax ID #20-8392006. We are happy to help with the information your insurer may request.
Before surrendering an older policy, explore your options
Before cashing in or surrendering an older policy, it can be useful to understand what you own. Permanent life insurance policies may have cash value, and different policies can have different charitable and financial planning considerations. TPF can help you explore whether a charitable gift of the policy may be worth discussing with your own advisors.
A few minutes, worth taking
Every policy has three roles: an owner, an insured person, and one or more beneficiaries. Beneficiary designations are often made when the policy is first purchased and then left untouched for years. As circumstances change, it is worth revisiting yours from time to time and asking:
Does this policy still serve the purpose for which I originally bought it?
Do I have other assets that provide for the people I love?
Has my financial situation changed?
Would I like part of my legacy to support the causes I care about through TPF?
If those questions prompt a different answer than they would have years ago, it may be time to review your beneficiary designation or speak with your advisors about the policy.
A meaningful legacy using an asset you already have
There is something meaningful about a life insurance policy becoming part of a charitable legacy. A policy originally purchased to protect the people you love may, as circumstances change, also become a way to support the communities and causes you care about for generations to come. Whether your priorities include education, health, community resilience, arts and culture, or another area close to your heart, a future gift through TPF can help carry those values forward and can be a meaningful way to become part of our Legacy Society.
You don't need to make any decisions today. We simply want you to know this option exists and that we are here to help you explore it in conversation with your own insurance, financial, tax, or legal advisors.
Let's talk
If you are curious about how a gift of life insurance could fit into your charitable plans, we'd be glad to talk it through with you. Please contact:
Pınar Özyürek Director of Philanthropy Turkish Philanthropy Funds [email protected] | 315.992.7965
This information is provided for educational purposes only and is not intended as legal, tax, insurance, or financial advice. Please consult your professional advisors regarding your individual circumstances.