The North Carolina Baptist Foundation, Inc.
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Christian Money Management can make a difference. Make the NC Baptist Foundation your money management partner. Let us show you how we can help.

 


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Life Insurance

Don't Overlook It

 

Life insurance is often purchased early in life and then later not needed for its original purpose. Such policies can be used to fund an endowment for Christian ministry support. If it is a paid-up policy and the ownership is transferred to the Foundation, then a charitable deduction would be available approximately equal to the policy’s cash value. If it is a term-type policy and the ownership is transferred to the Foundation, then charitable deductions would be available for any premium payments made to keep the policy in force. When the Foundation is named as the beneficiary and not the owner, then a current deduction is not available, but an estate tax deduction would be available for the amount of the insurance proceeds.

 


How Insurance Can Be Used to Pass an Estate to Family Tax-free

 

Life insurance for the benefit of children can also be a powerful tool to replace an asset given to charity while living. Parents can establish a Charitable Remainder Trust for their own benefit (gift to charity comes later) and then use the deduction and part of the trust payments to purchase a second-to-die policy on their lives. If structured properly and owned by the children inside a trust, the children can receive their inheritance completely tax-free. This is commonly referred to as a wealth replacement trust.

 

Make a difference in your life as well as others. Choose your giving instrument today.

 


See Our List

See our tax benefits illustration giving you a much closer breakdown of our different giving instruments and how they can benefit your taxes.

 

 


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