Along with tax savings, the benefit of donating a life insurance policy includes the freedom to choose what type of policy and how much premium you pay. Your gift can’t be legally challenged because life insurance is considered separate from your other estate assets.
Donating a life insurance policy isn’t subject to taxes, probate costs or estate debts, and you can make a substantial contribution through relatively small monthly or yearly payments. At the same time, you’ll be rewarded for your donation through the charitable tax receipts you receive. The premiums on a $25,000 policy will cost far less than the payout amount over time, and when you include your tax credits, you end up paying even less overall for a very sizeable gift.. READ FULL
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