Giving Life Insurance To Your Favorite Nonprofit Organization
By Jane King, Fri Dec 9th

Would you like to donate to the Charitable causes andorganizations that you support? Are you a Philanthropist in themaking but, do not think you have the resources to really give.Philanthropy is no longer just for the rich and powerful.Everyday people from all walks of life, Give to their favoriteCharities by using a number of Deferred Giving or Planned Givingtools

Take for example Elaine and Jack. They purchased a LifeInsurance policy for Jack shortly after the birth of their onlychild over 40 years ago. They then purchase a policy for Elainewhen she returned to work. At the time their son was in juniorhigh school. Their original purpose for having life insurancewas to provide income replacement for the surviving spouse andensure that he or she could afford to send their son to college.

Elaine and Jack are now retired and their son finished hisgraduate studies over 15 years ago. When they decided to make asubstantial Gift to their

favorite Nonprofit organization theyinitially overlooked their paid-up Life Insurance policies. Thecouple soon realized that they no longer needed their insurancefor its intended purpose and giving it as a gift to charitywould provide some tax benefits for them as well.

If this is your situation please consider donating the policy tofavorite charity. You usually may claim a charitable deductionfor approximately the policy's cash surrender value, and theproceeds are completely removed from your estate. Every person’ssituation is different. Before making this or any otherCharitable Contribution please consult your legal or financialadvisor.

About the author:Jane King is a philanthropy consultant and writer. She is theauthor of TheGiving Blog.