Life Insurance: But What About the Kids?
You want to make a significant gift to PETA but not at the expense of the kids. Is it possible to do both? As a matter of fact, yes—with life insurance.
How It Works
If making a donation to PETA threatens to reduce the amount you can leave to your loved ones, life insurance can make up the difference. Depending on your age, health and marginal income tax rate, the money you save in taxes thanks to the charitable deduction you will receive for your donation can be used to purchase life insurance with death benefits equal to the value of your gift. Voilá!
|Download a free guide to learn more about giving life insurance.|
Rather than owning the new life insurance yourself, it may be preferable to own the policy inside an irrevocable life insurance trust (also called a wealth replacement trust). You would typically name a bank trust department or trust institution as trustee. Doing so will enable your heirs to receive the death benefit of the life insurance without having to pay estate taxes. Plus, life insurance is generally income tax–free to your beneficiaries.
Please contact Tim Enstice at 757-962-8213 or firstname.lastname@example.org if we can answer any questions you have about this way to support PETA’s mission.