Other Ways to Give - Wealth Replacement with Life Insurance When you make a gift to the Purdue School of Engineering and Technology you may use a life insurance trust to replace the value of the donated assets. In this way, you can protect the interests of your heirs while still fulfilling your philanthropic goals. The life insurance provides the dollar amount, and the trust, provided it is irrevocable, removes the proceeds from your estate for tax purposes. In this arrangement, you create a trust to buy insurance on your life, with your children as beneficiaries. You can use the tax savings from your charitable gift, or the payout from a life income arrangement, to cover the premiums. After your death, the proceeds from the policy pass to the trust free of estate taxes, thereby replacing the value of the original charitable gift. Wealth replacement life insurance trusts can be set up in several different ways, and all have strict technical requirements. You should discuss them with your financial and legal advisers before deciding to pursue this option. The School's development staff will be happy to answer your questions. Features & Benefits: Restores asset value to your estate at relatively low cost Opportunity to make a substantial gift to the PSOET without consequence to your heirs Estate tax and probate savings Other Ways to Give : Charitable Lead Trusts | Gifts of Real Property Subject to Life Estate | Wealth Replacement with Life Insurance Giving : Dean's Council | Ways to Give to PSOET | Basics | Outright Gifts | Life Income Plans | Other Planned Gift Arrangements | Wills and Estate Plans | Appreciation and Recognition [an error occurred while processing this directive] [an error occurred while processing this directive]