Transferring ownership of an existing policy to Pillars Trust allows you to receive a charitable tax receipt for the fair market monetary value of the policy at the date of transfer. If you owe annual premiums you would still continue to pay them but you would receive tax receipts in the amount of these remaining payments.
Pillars Trust Fund strongly encourages you to seek independent financial and legal advice, and to organize any policy transfer with an insurance provider experienced in working with charitable organizations in this manner.
