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Wilson, NC 27896
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November/December 2018
Giving Life Insurance
In this season of giving, some people want to give more to a favorite charity or organization, but don’t have the funds to do so. Giving the gift of life insurance is a cost-efficient way to increase your charitable giving:
Your Choice
There are a few ways to give life insurance, some of which may include current or future tax advantages. Talk to your accounting professional to learn more about how you may best benefit a charity and potentially receive tax benefits in return.Charitable Choices
One way is to rename a charity as beneficiary, which eventually removes this benefit from your state. Or you could donate the policy, but continue to pay the premiums.Another way to make charitable use of life insurance is to ask your insurance company if it can issue a charitable rider, directing a percentage of the death benefit to a named charity. If, for example, you have a $500,000 policy and you acquire a rider of 10%, the charity would eventually receive $50,000, with your named beneficiaries receiving the remainder.
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