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Legacy Giving with Northern Lakes
Arts Association

Life Insurance: A Simple Way to Leave a Lasting Impact

A life insurance policy can be a powerful way to support Northern Lakes Arts Association (NLAA) and ensure the arts remain a cornerstone of life in Ely, MN, for future generations. By naming NLAA as a beneficiary, you can make a significant impact without altering your current finances.

Can This Work for You?

Donating life insurance might be the right choice if:

  • You’re a younger donor who wants to make a substantial gift over time.

  • You have limited assets in your estate to distribute to non-family members.

  • Your family no longer needs the financial protection provided by your policy.

This simple and flexible estate planning option allows you to turn an existing policy into a gift that supports creativity and community.

Benefits of a Life Insurance Gift

  • Ease of Implementation. Complete the process with minimal paperwork.

  • Flexibility. Retain the ability to change your mind or beneficiaries as your circumstances evolve.

  • Tax Savings. Remove the policy from your taxable estate, potentially reducing estate taxes.

  • Significant Impact. Make a major gift from income instead of capital, enabling meaningful contributions without large upfront costs.

  • Personal Fulfillment. Gain satisfaction knowing you’ve supported the arts and created opportunities for others.

Why NLAA?

Northern Lakes Arts Association has been a beacon of creativity in Ely, MN, for over two decades. From theater camps and professional productions to community arts workshops, NLAA inspires and connects people of all ages through the arts. By naming NLAA in your life insurance policy, you help secure the future of our programming and ensure the arts remain a vital part of our community.

How It Works

  1. Name NLAA as a Beneficiary. Designate NLAA as the primary beneficiary of your life insurance policy or as a contingent beneficiary in case your other beneficiaries do not survive you.

  2. Option to Donate a Paid-Up Policy. Irrevocably transfer ownership of your fully paid life insurance policy to NLAA, creating an immediate and impactful gift. Contact us directly for assistance with this type of donation.

  3. Transfer the Benefits. At the end of your lifetime, the policy benefits pass to NLAA, tax-free, and are applied to the program or priority of your choosing.

Steps to Ensure Your Gift is Received

  • Request a Beneficiary Form. Contact your bank or insurance provider to obtain the required form.

  • Include NLAA’s Information. Write in:

    Northern Lakes Arts Association
    Ely, MN 55731
    Tax ID: 36-3485240

    If the form requires a date of birth, use NLAA’s incorporation date: [Insert Date].

  • Submit the Form. Return the completed form to your policy administrator and share a copy with NLAA, including any relevant details (e.g., account type, approximate value) to ensure we can process your gift accurately.

  • Discuss with Your Executor. Ensure your executor or trustee knows your wishes, has copies of necessary documents, and understands the process for releasing funds.

Let’s Talk

We’re here to guide you through the process of turning your life insurance policy into a meaningful gift. Whether you’re making a new designation or donating a paid-up policy, we’ll work with you to ensure your contribution aligns with your values and goals.

Email: contact@northernlakesarts.org
Phone: (218)-235-9937

Thank you for helping NLAA bring the transformative power of the arts to future generations. Together, we can ensure that Ely continues to thrive as a hub of creativity and community.

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