Most of us have a favorite charity and some even have several they contribute to regularly. These may include churches or places of worship, medical facilities, nursing or assisted living homes, schools or alma maters or other organizations worldwide.
The idea of lots of people each giving a little can have a huge impact on others.
Here is a very enlightening article about college endowments. I think you will be surprised in the numbers.
Giving to your charity has several benefits including:
- Personal satisfaction, knowing that you have worked hard and have made a good living and having the desire to give back to those less fortunate is personally rewarding
- The recognition that comes with a charitable donation can range from a simple thank you letter to your name being prominently displayed on a building usually makes one feel honored and appreciated
- Possible tax saving due to the current income tax deductions allowed can be sizeable now and reduce your estate value later
One of the most efficient ways to give to your charity is with the proceeds from a life insurance policy. A life insurance policy is bought and paid for by you for pennies and the charity receives the dollars of the death benefit at the time of your passing.
How Can Life Insurance Be Given to a Charity? [Read more…]