How does a gift of insurance benefits work?
You may simply give a life insurance policy to the Legion. The gift can qualify for a charitable income tax deduction, as will any future cash gifts you make to the Legion to pay premiums on the policy. As the new owner of the policy, the Legion can access any cash value in the policy or hold it until your passing. Some of our generous supporters will even arrange for the acquisition of a new life insurance policy with the Legion as the named owner and beneficiary.
Although some supporters may decide to make a gift of an insurance policy, the most common charitable giving technique involving life insurance is simply naming the Legion as a beneficiary of the policy. Upon your passing, the policy benefit passes directly to the Legion and qualifies for a charitable estate tax deduction. This is often done when a supporter's children have grown and the purpose of the life insurance policy, to provide for the care of the children, is no longer relevant.
How can I learn more about how a donation of insurance benefits can provide mutual gifts to me and the Legion?
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