You create a gift plan like a charitable gift annuity or a charitable remainder unitrust that will pay you
income for your lifetime.
You also create a life insurance policy, naming your children or other heirs as beneficiaries. The
amount of the death benefit replaces the contribution you made to create your life income gift.
You pay the premiums for the policy from the income you are receiving from your life income gift.
At your death, the University of South Carolina or one of its affiliated foundations receives the
remaining balance of your gift plan, and your heirs receive cash from the insurance policy in the
amount of your original gift.
You make a significant gift to the University of South Carolina or one of its affiliated foundations with
no negative effect on your family's financial security.
After your gift, your estate is replenished for the benefit of your heirs.
No new assets are required to pay for this replacement: tax savings from the charitable deduction,
plus income you receive from your new gift plan, pay the premiums.
Donors with large families or children who will need long-term assistance can consider helping the
University of South Carolina or one of its affiliated foundations at a level they never thought possible.
One asset can do the work of two: make a gift to the University of South Carolina or one of its
affiliated foundations and provide an equal benefit to your heirs.
More detail on gifts of life insurance - wealth replacement.