Gifts of Life Insurance
(Important Reminders)
DO:
It is important that you name Yale as the irrevocable owner of the policy and not just its beneficiary. If you retain ownership of the policy, the IRS may not allow a deduction for your gift.
CAUTION:
If you have borrowed against a life insurance policy, a gift of the policy with the loan still outstanding will create taxable income for you in the amount of the loan balance.