Some of the largest gifts to charities come in the form of donated life insurance policies in some form or another. There are many opportunities surrounding gifts of life insurance policies and many variables based on type, ownership, beneficiary designation etc. In essence, instead of being done with the insurance policy you can choose to gift it away.
Two Ways to Benefit:
Now: By naming the charity as both owner and beneficiary now, the donor may receive significant charitable receipts in the form of premiums still to be paid and/or existing cash value.
Later: By only naming the charity as beneficiary (partial or whole) the donor will receive charitable tax benefits at estate time.
The choice is up to you.
How We Can Help
As already mentioned donations of Life Insurance policies have a great deal of complexities and choices surrounding it. Link Charity offers professional and personal assistance to help you create the best case scenario for your giving decisions. Contact us to set up a consultation time.
Let George and Helen’s story inspire you on how to donate your life insurance.