Name Eastwern Kings Health Foundation as beneficiary of an insurance policy
When you name Eastern Kings Health Foundation as one of the beneficiaries of your life insurance policy, we will receive the insurance proceeds when you pass away. Your estate will receive a tax receipt for the proceeds that will reduce income tax owing in your final tax return up to 100 per cent of your net income. Any unused portion of the receipt can be carried back to recover taxes of the preceding year.
Transfer ownership of an insurance policy to Eastern KingsHealth Foundation
You may want to donate a new or existing life insurance policy to Eastern Kings Health Foundation. Once we become the beneficial owner of the policy, we are able to issue a tax receipt for the cash surrender value at the time of transfer. You will also receive a tax receipt for any future premiums you pay on the policy. Your insurance agent can advise if there would be taxable income arising from the transfer of the policy.
This information provided is general in nature, does not constitute legal or financial advice, and should not be relied upon as a substitute for professional advice. We strongly encourage you to seek professional legal, estate planning and/or financial advice before deciding upon your course of action.Easter