Making a Gift of Life Insurance
By naming Love for the Least as the beneficiary of a new or existing life insurance policy, you may be able to make a larger gift than you may have ever thought possible.
For example, you can name us as the beneficiary of all or a portion of an existing policy. You may be entitled to an income tax deduction for the value of policy or the premiums paid.
Consider the benefits:
- Convenience—Naming us as beneficiary of an existing policy is a very simple process, you simply complete a change of beneficiary form.
- Tax Savings—Significant income, estate and gift tax savings may be available by effectively planning your gift using life insurance.
- Privacy—Unlike a bequest in your will, a life insurance policy gift is not a matter of public record.
- Flexibility—You can name Love for the Least as a beneficiary of a policy you no longer need for its originally intended purpose, such as payment of estate taxes that may no longer be due.
Planning Tip: You can take out a new policy and name us as owner and beneficiary. Your premiums may be deductible as charitable gifts each year. And, by paying affordable annual premiums and reducing your taxes in the process, you establish an eventual gift that may be much larger than you are able to make using other resources.
