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 Chuck Zellner, SCORE Volunteer and Former District Director - SCORE District 202
"I had a small insurance policy on my life, one that my parents paid 25 cents per week when I was a kid. I donated this policy to the SCORE Foundation by changing the beneficiary. I figure my kids and grand kids will never miss it! I also have some old variable annuities that I bought many years ago...a mistake! I do not intend to cash them in because of the hugh capital gains and tax on the income.
My financial guy recently reminded me that, unlike stocks, when I go to heaven the kids will NOT receive the annuities on a stepped up cost basis. The IRS and State will tax them on all the gains going back to the original cost basis.
I intend to name the Foundation as the beneficiary on some of these annuities. This is just a small way I intend to give back and support SCORE so it can continue to grow and help small business entrepreneurs in the future. "
Chuck Zellner , SCORE Volunteer and District Director
For more information about how to name SCORE as the beneficiary of an insurance policy, please click here.
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