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Charitable Donations of Life Insurance
There are many ways to donate Life Insurance to a charitable organization to make a substantial legacy gift at relatively little cost. This benefits the charity because there are no taxes or probate costs on the proceeds. A few examples:- Name the charity as a beneficiary in your policy. You continue to pay premiums and these may be tax deductible.
- Donate your permanent life insurance policy to the charity. You relinquish control of the policy and you may receive a deduction equal to the lesser of the Fair Market Value or your Cost Basis in the policy.
- Allow the charity to insure you. You make a tax-deductible contribution equal to the cost of the policy premium that pays for the policy.
- There are many other methods of using life insurance to make charitable donations that can benefit both the charity and the donor and his/her estate.
- Prayerfully consider including ABVM parish in your life insurance planning.
To learn more about what options are available and how they may apply to your situation, please consult your insurance agent or financial advisor.
For more information contact Gene Fogarty, Development Council President, at genefogarty@verizon.net, or call (610) 742-5289.