Have you considered giving life insurance? Larie and I have used life insurance to add flexibility to our legacy giving planning, and I recommend you do the same.
Perhaps you have a policy originally intended to protect your spouse and children at your death, including to pay-off a mortgage, or to educate your children, but those needs no longer exist.
Perhaps you bought a policy for retirement income, but now have an employer plan or an IRA, or to protect your business which you no longer have. Like many others you may have bought a policy to cover federal estate taxes, but due to the current multi-million-dollar exemption, will not affect your estate.
Each of us has changes in our lives that render obsolete certain life insurance protections. I encourage you to review your policies with current and future needs in mind and consider how life insurance can help accomplish your legacy giving desires.
These are at least 7 ways to give life insurance to WRBC and other qualified charities: (1) name them as the primary or secondary beneficiary; (2) assign dividends; (3) give a paid-up policy; (4) give a policy on which you continue to pay premiums; (5) buy a new policy for them; (6) buy a policy to benefit your heirs to replace other property given to a charity(s); (7) give a policy you purchased on the life of another person.
