Life Insurance Bequests

Wellspring, Inc. is happy to accept paid-up life insurance policies. In order to claim an income tax deduction for a gift of a paid-up policy, you must name Wellspring the owner and beneficiary of the policy. For other questions about gifts of life insurance, please contact Wellspring, Inc.'s Development Office.

Life Income Gift

You may want to make a substantial gift to Wellspring, Inc. but feel you cannot afford to give up the income generated by the assets you would like to donate, or perhaps you have assets producing an unacceptably low income. By making a life income gift, you are able to make a capital commitment to Wellspring and retain an income for yourself and/or a loved one for life or a term of years. At the end of the term of the arrangement, the assets are distributed to Wellspring, Inc., usually for unrestricted use.

Life income arrangements come in various forms, but they all offer a number of important benefits:

  • Life income for you and/or another beneficiary you may choose
  • A sizable income tax charitable deduction
  • The gift assets are removed from your estate, reducing estate taxes and probate costs
  • All Wellspring, Inc. life income plans are professionally managed at no cost to you
  • You will likely find that you are able to make a more generous gift than you first thought

If you fund your gift with appreciated securities you will realize additional benefits:

  • Income from the plan usually exceeds yields on blue-chip stocks and CD's
  • You may donate long-term appreciated property and "unlock" these assets
  • Capital gains taxes are eliminated or significantly reduced

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