Millions of Americans make donations of cash and property to the charities of their choice each year. However, many donors are left wishing that they could do more for the charities that they love and support.
Life insurance can be an effective and convenient asset to give. There are various methods for making life insurance donations; each method has unique advantages.
Life Insurance policies that are deemed not to be needed anymore can be given to charity or beneficiary re-assigned. Or, a new policy can be written with the charity as owner and beneficiary, and the premiums given to the charity to pay premiums, which can be treated as a charitable tax deduction if done properly. As always, consult your tax advisor for specific tax planning advice.
We can help with CRUTs, CRATS, Donor Advised Funds, Family Foundations, etc. Contact us for an in-depth planning conversation . . . we’ll be happy to help find the right plan for your situation.