Life Insurance
Life insurance can be very helpful in providing protection for your family’s way of life should you die unexpectedly. Yet you may have reached a point in your life when your family’s needs have lessened and giving the proceeds from a life insurance policy to a charity makes sense.
Giving life insurance proceeds offers you the opportunity to make a generous gift with a relatively modest financial outlay.
There are several ways you can use life insurance proceeds to make a gift to help missionaries through Milka Clarke Stroke Brain Trauma Foundation:
Giving life insurance proceeds offers you the opportunity to make a generous gift with a relatively modest financial outlay.
There are several ways you can use life insurance proceeds to make a gift to help missionaries through Milka Clarke Stroke Brain Trauma Foundation:
- Donate a paid-up policy, which does not require additional premium payments. Your charitable deduction will be the fair-market value of the policy (approximately the cash surrender value less any outstanding loans you have against it) as long as that value does not exceed your cost basis in the policy.
- Buy a new policy and make Milka Clarke Stroke Brain Trauma Foundation the beneficiary. This option can often achieve a gift many times larger than you initially thought possible. And all premiums on the policy are deductible as charitable contributions on the condition that you do not retain ownership or any control over the policy.
- Name Milka Clarke Stroke Brain Trauma Foundation as the contingent beneficiary on a current policy. Many people name primary beneficiaries for their life insurance policies, but neglect to name a contingent beneficiary.
- By naming Milka Clarke Stroke Brain Trauma Foundation: as the contingent beneficiary, your designated beneficiary would receive the proceeds if they are still living and Milka Clarke Stroke Brain Trauma Foundation would receive the proceeds if they are not. Any life insurance proceeds donated to a charity may result in an estate tax charitable deduction.