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Donating Your Life Insurance to Charity Ames IA

If you donate a term life policy to a charity, you can deduct the cost of the premiums from your taxes. Read on and know more about life insurance.

Clark Grinde
1028 Lafayette Avenue
Story City, IA
Company
Title: President, Financial Advisor
Company: CG Financial Consulting, LLC
Education
Iowa State University, BA
College for Financial Planning, CRPS [Chartered Retirement Plans Specialist]
Years Experience
Years Experience: 14
Service
Life Insurance,Hourly Financial Planning Engagements,Investment & Portfolio Management,Retirement Planning,Fee-Only Comprehensive Financial Planning

Data Provided by:
Dirk M. Dixon (RFC®), EA
(515) 285-5546
8033 University Blvd
Clive, IA
Company
Baker & Associates, LLP
Qualifications
Education: Bachelors of Business Administration with an emphasis in Finance from Grand View College 1997.
Years of Experience: 15
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Bill Elson
3705 Grand Avenue
Des Moines, IA
Company
Company: Spectrum Financial Services
Service
Hourly Financial Planning Engagements,Fee Only Portfolio Management,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning

Data Provided by:
Craig Adamson
1000 Lindale Drive
Marion, IA
Company
Title: President
Company: Adamson Financial Planning
Type
Investment Advisor Rep: Yes
Education
BS Iowa State University 1996
Years Experience
Years Experience: 14
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Plan

Data Provided by:
Mr. R. John Badger (RFC®), CFP, CHFC, CLU
(515) 224-0596
936 8th Street
West Des Moines, IA
Company
Chartered Financial Services, Ltd.
Qualifications
Education: BS, MS other professional designations
Years of Experience: 37
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, BuySell, Compensation Plans

Data Provided by:
Bachman & Associates
(515) 203-6469
5307 Clemens Blvd
Ames, IA
Alternate Phone Number
515-203-6469
Services
Mortgage Protection, Life, Health, Annuities, Medicare

Mr. Gene Mock (RFC®), CEP, CSA
(515) 270-9736
12345 University Ave Ste 319
Clive, IA
Company
Retirement Benefit Administrators
Qualifications
Years of Experience: 30
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Retirement Planning, Medicaid Planning, Mortgage Loans, Annuities, Life Insurance, Long Term Care Insurance, Asset Protection

Data Provided by:
Clark Grinde
1028 Lafayette Avenue
Story City, IA
Company
Title: President, Financial Advisor
Company: CG Financial Consulting, LLC
Education
Iowa State University, BA
College for Financial Planning, CRPS [Chartered Retirement Plans Specialist]
Years Experience
Years Experience: 14
Service
Life Insurance,Hourly Financial Planning Engagements,Investment & Portfolio Management,Retirement Planning,Fee-Only Comprehensive Financial Planning

Data Provided by:
Ms. Janice Y. LaBonne (RFC®), LUTCF
(563) 582-2855
2355 JF Kennedy Road
Dubuque, IA
Company
Honkamp Krueger Financial Services
Qualifications
Education: BS North Dakota State University : BusinessAAS Northland Community College : Legal Assistant
Years of Experience: 19
Membership
IARFC
Services
Invoice, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Healthcare Accounts, BuySell

Data Provided by:
Mr. Kenneth E. Lawson (RFC®), CHFC, CLU, LUTCF
(563) 359-1688
2435 Kimberly Rd Ste 300S
Bettendorf, IA
Company
Client 1st Wealth Management, Inc.
Qualifications
Years of Experience: 44
Membership
IARFC, SFSP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Data Provided by:

Donating Your Life Insurance to Charity

Provided By: 

Donating Your Life Insurance to Charity

As the hunt for funding gets more and more challenging for many non-profit and charitable organizations, I've seen more and more short bit's of information on donating your life insurance as a legacy. Is this a good idea? What do you need to know before you decide to take this route? And is it the best one for you?

First of all, charitable donations are tax deductible. While this isn't usually a prime motivator for most of us, it does make the donation to a charity even more inviting. After all, you can support a cause you believe in and get a tax break on the money you give. It's a win-win, right? If a tax benefit is one of your motives for signing away the benefit's of your life insurance policy, you should first confirm a few things first.

You need to be sure that the organization actually has non-profit status. If it does, it will be a 501(c)(3) organization. These kinds of organizations are the only ones that qualify for tax deductions.

Once you've confirmed the organizations status, talk to someone at the organization to make sure it will accept your life insurance policy proceeds as a gift. Some charities prefer not to receive these kinds of donations, due to the amount of work involved for them.

In order to take a deduction when the time comes, you will have to make the charity both the owner and the beneficiary of your policy. If you name the charity as your policy's beneficiary, but not the owner, then the IRS won't let you deduct the donation of your life insurance proceeds from your taxes. It's that simple.

So, if insurance is your donation of choice, do you donate a term life policy or whole life policy? Term life insurance policies cost you the least, but they're also the least attractive to charities. After all, once the term expires on that policy, it's worthless. Whole life policies cost more, but they have a cash value that builds up the longer you pay premiums on them. Thus, a whole lif...

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