When people think about the assets they have available to contribute to charity, life insurance is rarely on the list. But many people who have put their children through college and paid off their mortgages may have more life insurance than they need. Your charitable clients may be pleasantly surprised to learn that they can afford to make larger gifts than they thought. And, if they donate the policy to a public charity such as The New York Community Trust, they’ll also receive an income tax deduction.
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This material was developed for the use of professionals by The New York Community Trust. It is published with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, you should speak to your own tax or other legal or accounting advisor.
