Gifts of Life Insurance
There are several ways you can use life insurance as the basis for a charitable gift.
Making the Charity a Beneficiary of your Life Insurance Policy
a Gift of Your Policy
Since their children had grown up and begun lives on their own, the Walkers decided to review their finances. They realized that some of the insurance they carried while the children were dependent on them was now not really needed. They decided to donate a fully paid-up policy to SFBGS. Their financial advisor told them that as the policy is paid-up, they are entitled to a
The Walker children were very supportive of the idea. In fact, one of their children purchased a small whole life policy and designated the Botanical Garden Society as the owner and irrevocable beneficiary. As a result, the annual premiums that are paid are a charitable deduction.
As with all matters concerning estate planning, please consult your estate and tax specialists. Click here to return to Living Trusts, Wills and Bequests.