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Donating Your Life Insurance to Charity Oregon City OR

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.

Harold D. West (RFC®), CLU
(503) 597-2700
5285 Meadows Rd Ste 148
Lake Oswego, OR
Company
Sumner Financial Group Ltd
Qualifications
Education: MA
Years of Experience: 48
Membership
IARFC
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Annuities, Life Insurance, Charitable Planning, Asset Protection

Data Provided by:
Jeff Vass
510 SW 5th Ave
Portland, OR
Company
Title: LPL Financial Advisor
Company: Meridian Financial Group
Type
Investment Advisor Rep: Yes
Service
401k Rollover From Employer,CD Alternative,Disability Insurance,Annuities,Long-Term Health Care Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Health Care Insurance,Retirement Planning,Business Succession & Liquidation Planning,Retirement Income Dist

Data Provided by:
Fred King, CFP
The H Group, Inc.
Portland, OR
Company
Company: Fee-Only Financial Planner ("No Commissions")
Type
Registered Investor: Yes
Education
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Service
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

Data Provided by:
AAA Oregon/Idaho
(503) 222-6734
600 SW Market Street
Portland, OR
 
Robert Holland
204 NW E Street
Grants Pass, OR
Company
Title: Wealth Manager
Company: Holland Capital Management, LLC
Type
Investment Advisor Rep: Yes
Education
University of Portland, Certificate of Financial Planning Executive Degree
B.S., Southern Oregon Universtiy
Years Experience
Years Experience: 20+
Service
Mortgage Refinancing,Stock Market Alternative,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Real Estate Investment Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Pension for Highly Compensate

Data Provided by:
Mr. Michael A. Smolak (RFC®), MBA
(503) 445-2626
5901 SW Macadam Avenue, Suite 135
Portland, OR
Company
Dimension Resources
Qualifications
Education: BSMEMBA
Years of Experience: 26
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Asset Protection

Data Provided by:
PHIL MABINI
1307 NE PARK LANE
FAIRVIEW, OR
Company
Title: FINANCIAL ADVISER
Company: WORLD FINANCIAL GROUP
Service
IRA, 401k, Roth IRA, QDRO Rollovers,Annuities,Life Insurance

Data Provided by:
Stephen Kirkendall
12014 Southeast Mill Plain
Vancouver, WA
Company
Company: Kirkendall Financial Services
Service
Income for Life/ Preserve Principal,Alternative Investments,Investment & Portfolio Management,Retirement Planning,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Individual Income Tax Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Annuities,Investment Consulting & Allocation Design,Estate Tax Planning,Asset Protection Strategies & Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Alternative Asset Class

Data Provided by:
Primerica Life Insurance Company
(360) 524-3078
700 North Hayden Island Drive Suite 330
Portland, OR
Services
Term Life Insurance
Prices and/or Promotions
Complimentary Financial Needs Analysis (FNA)

Harold D. West (RFC®), CLU
(503) 597-2700
5285 Meadows Rd Ste 148
Lake Oswego, OR
Company
Sumner Financial Group Ltd
Qualifications
Education: MA
Years of Experience: 48
Membership
IARFC
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Annuities, Life Insurance, Charitable Planning, Asset Protection

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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