Charitable giving with life insurance.(MTNA Foundation Fund News)

Very few individuals decide one day to write a check for $100,000 or more to their favorite charity, namely the MTNA FOUNDATION FUND. But with life insurance, it effectively can cost very little to be so generous. Life insurance enables a charitable individual to make a substantial future gift by making small premium payments over time.

The advantages of funding a charitable giving plan with life insurance include prompt payment of death benefits to the MTNA FOUNDATION FUND; a policy's growing cash value also may be borrowed by the MTNA FOUNDATION FUND for special needs; giving without disrupting other assets reserved for your family; and qualifying for income, gift and estate tax deductions. However, depending on the gifting strategy you choose, some of these advantages may not be applicable.

There are many ways to make a gift to the MTNA FOUNDATION FUND through life insurance. One of the simplest is to name a charitable beneficiary to receive all or a portion of the proceeds of a current policy. Simply contact your insurance agent and tell him or her of your wish either to replace the existing beneficiary or name an additional one to your existing, in-force life insurance contract. In this case, you can't deduct the premium payments from your income taxes, but you maintain control of the policy and could decide to change the beneficiary at any time.