Charitable GivingMany retiring business owners express a desire to create a charitable legacy for their favorite philanthropic organizations. Rather than gifting the future benefit of a life insurance policy, gifting the cash proceeds from a life settlement now provides your charity with an immediate benefit without the burdens of continued premium payments and policy administration. This “giving while living” permits a charitable organization full flexibility and control over how to best use your donation to facilitate its worthwhile goals. And, not only do you get to joyfully witness the fruits of your cash gift, you may also get a financial benefit of a larger income tax deduction for the policy’s life settlement value rather than the lower cost basis value (premiums paid) if you had donated the policy. Furthermore, this write-off may help offset any income and/or capital gains taxes due from selling your policy into the secondary life insurance market. See Are life settlement proceeds taxable? |
||
Privacy Policy | Legal Notice | Site Map |
|