Donating life insurance – Turbocharge your charitable gifts
Abstract: Donating a life insurance policy to charity can be a powerful strategy to achieve philanthropic goals. It allows a person to make larger gifts than he or she might otherwise afford, while generating current tax benefits. This article discusses when donating a policy can make sense, as well as the most tax-effective way of doing so. A sidebar touches on options such as charitable gift annuities and wealth replacement.