Did you know that life insurance is one of the most efficient assets to leave your family when you pass? Other assets, such as IRAs, have substantial tax consequences for heirs and are best left to charities that don’t take a tax hit. However, many advisors don’t think to use life insurance as a charitable estate planning tool. By using life insurance, you have the opportunity to make a more significant, lasting impact on the community after death but reap tax advantages during your lifetime. If you have current, unneeded life insurance, qualify for a policy, are facing unwanted income tax consequences, or want to leverage your charitable giving for the maximum benefit, this type of donation might be right for you. You can work with your professional financial advisor or estate planner to bind your life insurance policy with your fund at THCF. After the policy issuance, you will sign over ownership of the policy to THCF and enjoy a charitable deduction for the appraised value. You will still make the annual tax-deductible contributions to THCF, which THCF will then use to pay the policy premiums. When the time comes, the death benefit creates an endowment fund in your name (to benefit your field of interest or charities of your choice) at the Foundation. It’s a simple way to create a lasting legacy. Here’s a PDF if you would like to learn more. Let us know if you have any questions.