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Most people understand the term family insurance planning. It is an evaluation of your life insurance and beneficiaries. You might not know that you can gift some or all of your life insurance to the charity of your choice.
A charitable gift is a philanthropic gift to a 501(c)(3) charity. Many people give gifts to charity regularly, while others give with their life insurance. Some of these charities include:
Wherever there is a need, there is usually a charity attempting to fill it.
This form of life insurance fits into family life insurance planning by giving the other beneficiaries a clear indication that you want a portion of your life insurance to go to a charity. This gift can also help to avoid probate, estate disputes, and increased estate tax liability.
If the policy is revocable, you can always change the beneficiary, and like other policies, it is possible to borrow against them.
If you are interested in family life insurance planning or charitable gifting with life insurance, contact us or call 419.358.8060. Here at Citizens Wealth Management Group, we offer business succession and family insurance planning as well as charitable gift and long-term care options.