Using life insurance as part of your estate planning is common. Life insurance is one of the most efficient assets for individuals to leave their families when they pass. Other assets, such as IRAs, have significant tax consequences for heirs and are often left to charities since they don’t take a tax hit. However, many people don’t consider using their life insurance as a charitable asset. Have you? You can make a more significant impact, enjoy tax advantages during your lifetime, and create your legacy for the future using life insurance. You may find that you have an unneeded life insurance policy, , or be interested in leveraging your charitable dollars for maximum impact. Whatever your reason for adding life insurance to your estate plan, doing so will undoubtedly make a big difference to the causes and organizations you hold dear for years to come. If you already have a fund at THCF, you can bind your permanent or survivorship life insurance policy with your fund at THCF, naming THCF as the beneficiary. After the policy issuance, ownership of the policy would be signed over to THCF, and you would receive a charitable deduction for the appraised value. You would then make annual tax-deductible contributions to THCF, which the Foundation uses to pay the policy premiums. Upon your passing, an endowment fund would be created in your name, ensuring your support for the causes you care about continues in perpetuity. Plus, your advisor can continue to manage your investments just as you had intended. Talk to your financial advisor or call our office (816.912.4182) to find out how to leave a legacy using life insurance.