Many of us have hearts of gold and desire to make a difference for our favorite charity.
One of the options to consider is funding the purchase of a life insurance policy, which offers the charity an effective way to ensure long-term projects can be funded. Life insurance policies can result in a substantial gift to a charity at a relatively small cost and provide the donor with charitable income tax deductions and charitable estate tax deductions. Typically, a person can purchase a policy up to age 70, and depending on the face amount, keep the premiums affordable.