Even in a tough economic environment, with a little foresight and creativity, there are many ways you can support worthwhile endeavors and gain satisfaction knowing you’ll be able to contribute for the long term.
Regardless of your income level, you can continue to support your favorite philanthropic organizations by donating through life insurance. When you name your chosen charity as the beneficiary of your policy,1 you are contributing to a worthy cause and can benefit from potential tax deductions.
There are several methods of gifting life insurance as a charitable donation:
This educational third-party article is being provided as a courtesy by New York Life Insurance Company. For more information on this topic, contact me.
Neither New York Life Insurance Company, nor its agents, provides tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.
1Must be a qualified charity.
New York Life does not provide tax advice. For tax advice specific to your situation, please contact your professional tax advisor. Also, state laws vary with respect to charities and insurance. Consult your legal advisor for details.