Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I want to set up a life insurance policy, name the University of Connecticut Foundation as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?

April 26, 2017Beneficiary Connecticut deduct foundation Life Insurance ownership policy

0

Posted

I want to set up a life insurance policy, name the University of Connecticut Foundation as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?

1 Answer

0

Posted

No. The IRS would not consider that a “completed gift” – they’d say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. We must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.