California Native Plant Society

Estate Planning

Life Insurance

Many donors whose families are grown find themselves over-insured and capable of donating an insurance policy to CNPS. To receive a charitable deduction, name CNPS as both the owner and beneficiary of the policy. (If CNPS is designated as the beneficiary but not as owner of the policy, the gift is revocable and does not qualify for the income tax charitable deduction.) Ask your insurance company for a beneficiary designation form.

If annual premiums are still to be made and you continue to pay them, these premiums will become tax deductible each year. If you retain ownership of the policy, the IRS will not allow you to deduct your premium payments, even though you are making them on behalf of CNPS.
Term insurance policies seldom remain in force until the death of the insured and are therefore not encouraged as gifts benefiting CNPS.

Types of Insurance Gifts:

  • Designating CNPS as Beneficiary – You can name CNPS as direct beneficiary of all or part of your life insurance policy or as contingent beneficiary should your heirs survive you. You would continue to act as owner of the policy.
  • Outright Gift of a Paid-Up Insurance Policy – You can donate your paid-up life insurance policy to CNPS. The policy may have some cash value and provides us with the option of holding it to its maturity date or surrendering the policy in order to receive the fund’s current cash value.

To discuss a gift of Life Insurance, please contact:

Stacey Flowerdew
CNPS Development Coordinator
(916)447-2677, ext 204

California Native Plant Society
2707 K Street, Suite 1
Sacramento, CA 94816
Fax: (916) 447-2727

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