Life Insurance and Retirement

There are several simple ways to establish a special legacy through life insurance or retirement assets.

Contingent or Co-Beneficiary

You may name the Ailey as a contingent or co-beneficiary of your life insurance policy.  As a contingent beneficiary, the Alvin Ailey Dance Foundation would receive the proceeds should the primary beneficiary pre-decease you.  As a co-beneficiary, the Ailey organizatin would share the proceeds with your other designated beneficiary. 

To do this, you should contact the insurance agency that issued the policy to formally name the Alvin Ailey Dance Foundation as a beneficiary.

Irrevocable Beneficiary

If you have a group-term life insurance policy provided by your employer, you may name the Ailey as a beneficiary of all or part of the policy.  By naming the AADF the irrevocable beneficiary, you may be able to save income taxes.  Contact your employer's benefits office to find out how to make your gift this way.

Irrevocable Assignment

If you have a paid up life insurance policy that is no longer needed to protect your family, you may irrevocably assign that policy to the Ailey.  You will be entitled to an income tax deduction in the year you make the gift (equal to the replacement value or cost basis of the policy, whichever is lower).

Retirement Assets and IRAs

You can designate the Alvin Ailey Dance Foundation as the beneficiary of your IRA or other retirement plan. 

When the Alvin Ailey Dance Foundation is the designated beneficiary, the proceeds of retirement plans go direcly to the Ailey, avoiding both income and estate taxes to which other heirs are subject. This strategy can increase what the heirs will receive.  If you have substantial assets in a retirement plan that may be subject to high taxes after your lifetime, you may wish to designate the Alvin Ailey Dance Foundation as the beneficiary of the assets in that plan. By doing so you may be able to make an important gift to support the future of the Ailey, at very little cost to your family.

For additional information, please email us or call 212-405-9030.