Thursday, September 12, 2013
One of the ways people can begin their charitable planning is to talk to a financial advisor about creating a life insurance policy that pays a charitable organization after the policy holder’s death. The bequest of a life insurance policy and premium gifts is a substantial contribution to charity. People interested in creating long-term solutions for charities can create a foundation. In order to create the funds the policyholder will provide funding to pay a life insurance premium. When the policyholder dies, the proceeds will be paid out annually to the charitable fund that was created.
See Restricted Fund Fights Illiteracy, Charitable Planning, Aug. 29 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.