Charitable Gift of a Life Insurance Policy
Life Insurance has become popular over the past few years as a way to provide substantial support to favorite charities or other causes at a relatively modest cost-and trim income taxes in the process without diminishing other assets intended for your retirement or your family.
A donor has three basic choices in making a charitable gift of life insurance.
- the donor may give an existing policy to the charity.
- the donor may apply for a new policy on his or her life, with the charity as the original owner and beneficiary.
- the donor may designate a charity as the beneficiary of a policy that the donor continues to own.
CKIG will advise you on the option that will best suit your needs.