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Donating Your Life Insurance to Charity Farmington NM

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.

Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
Company
PLAN RIGHT, LLC
Qualifications
Education: MBA, Accounting Concentration
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, personal Coach, Retirement Planning, Tax Returns, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Auto Home Insurance, Asset Protection, LiabCover

Data Provided by:
Ron Siemon
8300 Carmel Ave NE
Albuquerque, NM
Company
Title: Investment Consultant
Company: LPL Financial
Type
Investment Advisor Rep: Yes
Service
Income for Life/ Preserve Principal,Life Insurance,Long-Term Health Care Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,401k Rollover From Employer,CD Alternative,Annuities,Investment Consulting & Allocation Design,Asset Protection Strategies & Planning

Data Provided by:
Guardian Life Insurance Company
(505) 299-6161
8500 Menaul Blvd NE
Albuquerque, NM
 
American Income Life Insurance Agency
(505) 232-0062
6301 Indian School RD NE
Albuquerque, NM
 
Life and Annuity Exchange
(973) 726-6015
PO Box 1344
Sparta, NM
Alternate Phone Number
973-726-6015
Services
Life Insurance Planning, Fixed, Indexed Annuities, Financial Planning

Mr. Gerard W. De Long (RFC®), CSA
(505) 521-4434
1801 Pinehurst
Las Cruces, NM
Company
Las Cruces Investment Center
Qualifications
Education: BS - Aerospace Engineering, MS - Aerospace Engineering
Years of Experience: 38
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Seminars Work, 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, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
Qualifications
Education: BS
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, BuySell, LiabCover, Compensation Plans

Data Provided by:
Ron Pino Agency
(505) 877-1391
3211 Coors Blvd SW Ste 12
Albuquerque, NM
 
Southland Life Insurance
(505) 255-5547
428 Louisiana Blvd SE
Albuquerque, NM
 
Colonial life
(505) 818-1051
P.O. Box 558
Albuquerque, NM
 
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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