Other than a Charitable Bequest (by your will if you have one) -
Through a gift of life insurance, you can make a substantial future gift to a charity at an affordable cost.
How It Works:
There are several ways to make a gift of life insurance:
* If you have a life insurance policy you no longer need, you can contribute it to a charity by naming the charity as the policy owner and beneficiary. You receive an immediate charitable income tax deduction equal to the cash value of the policy. If you choose to give the charity money to pay future premium payments, those cash donations are also eligible for a charitable income tax deduction. At death, the life insurance proceeds are not included in your estate for federal estate tax purposes.
* Alternatively, you can purchase a new insurance policy on your life, name the charity as owner and beneficiary, and arrange to make cash donations to the charity for premium payment purposes. Those cash donations to the charity for premium payments are then deductible on your income tax return. At death, the life insurance proceeds are not included in your estate for federal estate tax purposes.
* Finally, you can simply name a charity the beneficiary of a life insurance policy you continue to own. In this instance, there is no charitable income tax deduction available, but the proceeds of the policy at your death will not be included in your estate for federal
estate tax purposes
Life Insurance is a practical and affordable way for you to do more than you may have thought possible. "Deferred Legacy Gifts" of $5,000, $10,000, $25,000 , $35,000 or more are within reach. Donors no longer need to accumulate wealth in order to make substantial and meaningful gifts to charities, schools, universities, houses of worship, community foundations...
A donor-advised fund is a powerful philanthropic tool that operates like a 401k for giving, allowing your generosity to be more purposeful, simple, and tax-efficient.
A minimum of just $20 can start a fund with Charityvest and there is no minimum balance requirement (unlike some other funds which may require a balance of $5,000. $10,000 or even $25,000)! Charityvest cares about your philanthropic impact. Their world class DAF experience is simple, delightful, and more powerful.
Everyone should make a will or living trust, regardless of wealth. Having a plan in place ensures that your wishes are known and saves your loved ones the stress and cost of intestate probate proceedings. Create a free will or trust to support the people and causes you care about most even after you’re gone.
Since 1975, John Sadler Hayes, II, President of Sadler Hayes Associates, Inc., has been providing individuals, families and businesses quality of life protection with Long-Term Care Insurance, Critical Illness Insurance, Disability Income Insurance, Dental Insurance/Plans, Medicare Supplement Insurance, Health Insurance, Life Insurance, Fixed Annuities - Deferred and Immediate Income.
Sadler also helps individuals create charitable legacies with life insurance to support the charitable organizations, schools and universities, hospitals, medical research, community foundations most important to them.
Sadler represents multiple life and health insurance companies that provide coverage options and competitive rates for residents of NY and NJ.
Note that John Sadler Hayes, II is a licensed life and health insurance agent in the states of New York and New Jersey
and does not provide legal or tax advice.
For any tax or legal questions or concerns - consult with your legal and tax advisors.