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Donating Your Life Insurance to Charity Claymont DE

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.

Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
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Diversified Financial Consultants
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Years of Experience: 34
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IARFC, MDRT
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Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

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Jeff Bonifacino
1521 Concord Pike
Wilmington, DE
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Title: Financial Advisor
Company: Rockwell Associates
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Years Experience: 26
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Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Health Care Insurance,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Portfolio Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Disability Insurance,Annuities,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulatio

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Shane Couturier
958 County Line rd.
Bryn Mawr, PA
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Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Annuities,Alternative Asset Class Planning,Investment Con

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Philip M. Harris (RFC®), LUTCF
(215) 557-7622
1800 John F. Kennedy Blvd., Suite 460
Philadelphia, PA
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Financial Integrity Resources Management, LLC
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Years of Experience: 22
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IARFC
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Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Compensation Plans

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David Waters
1429 Walnut Street
Philadelphia, PA
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Title: Vice President
Company: Professional Planning Associates
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Investment Advisor Rep: Yes
Education
Dickinson College/BA in Economics
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Years Experience: 30
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Portfolio Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Fee Only Portfolio Management,High Yield Bank Accounts,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Life Insurance,Investment & Portfo

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Bill Curry
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Wilmington, DE
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Company: Curry Poole Group, LLC
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Registered Investor: Yes
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BS
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Years Experience: 42
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Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

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Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
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Company: Morgan Stanley Smith Barney
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Years Experience: 8
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Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

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Brian K. Lureen (RFC®), CHFC, CLU
(610) 889-2066
5 Great Valley Pkwy Ste 334
Malvern, PA
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Heritage Advisory Services, Inc.
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Education: BS
Years of Experience: 21
Membership
IARFC, FPA
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Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans

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Chris McKee ChFC.
747 Constitution Drive
Exton, PA
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Title: Managing Partner
Company: uFinancial Group
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Investment Advisor Rep: Yes
Education
Undergraduate - University of Miami
Graduate School - Temple University
The American College
Years Experience
Years Experience: 25
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Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,401k Rollover From Employer,CD Alternative,Disability Insurance,Investment & Portfolio Management,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Annuity Ideas & Strategy Planning,Planning For Personal Finances &

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Patricia Egberts Inc.
(856) 481-4817
1575 Almonesson Road
Deptford, NJ
 
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Donating Your Life Insurance to Charity

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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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