Are there income tax advantages for giving an existing policy to WSPA?
If the policy is a whole-life policy, you can take an immediate charitable income tax deduction for the amount approximately equal to the cash value net of any loans when you transfer ownership of the policy to WSPA. Term policies do not create any immediate income tax advantages. In addition, you receive a charitable income tax deduction for any contributions you make to pay premiums. Are there estate tax advantages to giving life insurance policies? At your death, the value of the amount passing to WSPA will be excluded from your estate, effectively reducing your estate taxes. How does WSPA benefit from receiving a gift of life insurance? WSPA can surrender a policy for its cash value at the time the gift is made and put this amount to work immediately, or wait to collect the proceeds of the policy when the donor passes away. In either case, you have the satisfaction of knowing that you have made a wonderful gift to help the animals. Can I use life insurance with other forms of chari
