There are three types of life insurance charitable gifts:
- Gift of an existing policy
- Purchase a new policy
- Naming the charity as a beneficiary of a new or existing policy
- Income tax deductions may be itemized to claim an income tax charitable deduction in the year of the gift, provided the gift is made to a "qualified organization."
- Income tax charitable deduction is dependent upon the type of donee organization (e.g., public charity, private foundation, other), the value of the gift, and the type of property given.
- Donors who contribute property (other than cash and publicly-traded securities) to charity, and who claim a deduction exceeding $5,000, generally must obtain a written qualified appraisal from a qualified appraiser to support the claimed valuation.
Key materials listed below. Additional information available in the Advanced Marketing Sales Library from Pentera Group, Inc.