I want to set up a life insurance policy, name Penn Medicine as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
No. The I.R.S. would not consider this a “completed gift.” The I.R.S. would say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. Penn Medicine must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.
Related Questions
- I want to set up a life insurance policy, name Williams College as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
- I want to set up a life insurance policy, name PHLF as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
- I want to set up a life insurance policy, name JFS as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
