The IRS now requires an independent qualified appraisal for all non-cash charitable gifts of $5,000 or more. These "non-cash gifts" include life insurance made through absolute assignment to a charity, such as the Lutheran Community Foundation. Please note that this ruling only applies to the absolute assigned value of an insurance policy, not the death benefit nor the continuing insurance premium payments made once the Foundation is named owner.
The Foundation has retained the services of an independent qualified appraiser to assess insurance gifts of $5,000 or more. There will be no out-of-pocket cost to the donor for this service. The only effect to donors is the reduction of the charitable contribution (and the corresponding haritable deduction), by the amount of the appraisal fee, which is estimated to be $200.
If you have additional questions, please contact an LCF gift planner at 1-800-365-4172.
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