A gift of life insurance can create a substantial, cost-effective gift to Legacy, a Foundation of Christian Fellowship Church. A Life insurance gift allows retention of other assets by the donor family or individual.
- Life insurance proceeds are paid to Legacy, a Foundation of Christian Fellowship Church without probate delays.
- A life insurance gift is private; a bequest in a will is a matter of public record.
- A gift of a policy to Legacy, a Foundation of Christian Fellowship Church (absolute assignment) will generally result in a current income tax charitable deduction ( if the donor itemizes deductions) equal to the lesser of the policy’s fair market value or the donor’s basis in the policy.
- Premiums are usually deductible by the donor if the charity or religious institution is the absolute owner of the policy.