• Irrevocably assign a paid-up life insurance policy to charity.
• Irrevocably assign to charity a life insurance policy on which premiums remain to be paid.
• Name the charity as a primary or secondary beneficiary of the proceeds and retain ownership of the policy.

In the case of Michigan Opera Theatre, only a single-premium or other existing paid-up insurance policy irrevocably assigned (as owner and beneficiary) to the Community Foundation, and designated for Michigan Opera Theatre Endowment Fund. The contributed policy must meet the high-quality rating standards of the various insurance-rating agencies. The Community Foundation must receive the insurance contract and all related documents showing the Foundation as the irrevocable owner and beneficiary of the policy, as well as documentation of the policy’s value for tax purposes.

• A straight unitrust pays the stipulated amount even if it is necessary to invade principal to do so.
• A net-income unitrust pays the lesser of the stipulated amount or the actual net income, so principal is not invaded.
• A net income with make-up provision unitrust is similar to the net-income unitrust, except that excess earnings can be applied to cover accrued deficiencies resulting from the net income being less than the stipulated amount.
• A flip unitrust may be used when a substantial majority of the assets (90 percent or more) used to fund the trust are illiquid. The trust begins as a net-income unitrust and switches to a straight unitrust the year after the illiquid assets make up 50 percent or less of the trust’s value.