SearchExclusive.com

Ways To Donate Life Insurance To A Charity Or College

If you had a life insurance policy that you no longer needed, what would you do with it? Would you donate it or encash it? It is a debatable decision. In case if you choose to donate it, would it be to a charitable organization or to your university?

If you decide to donate it to a charity, then you have two options. First is that you can name the charity as your beneficiary and when you die, all the proceeds will go to the charity. Secondly, you can transfer the policy in the name of the charity while you are alive.

The advantage of naming a charity as your beneficiary is that it allows you to borrow money against the policy and withdraw cash in case of requirement. However, the amount will be deducted in the value of the donation. In addition, you can change the beneficiary or cash out whenever you want.

Donating your life insurance to charity gives you various tax benefits. It helps people in need and allows you the control of your cash.

Different strategies can be implemented to donate to charity. This can result in more estate and income tax benefits:

Lifetime gift
Gift by will
Charitable trust
Private foundation

However, there are some problems with the donor’s motive, tax ramifications, and so on.

You Might Also Like : Three Insurance Mistakes To Avoid

Donations made to colleges are of great help in raising funds for the institute. For those who want no credit due to shyness or judgment by family members and society, donating via life insurance makes perfect sense. It is not involved in the probate process and holds no public record.

Making your alma mater your policy beneficiary has various advantages as follows:

It is possible to donate more than you can at the present.
You have access to all the policy features until you are alive.
You have the freedom to change the university or number of beneficiaries whenever you want.

However, there are no tax benefits for this kind of a donation. In addition, the college will not get your gift until your death.

Alternately, you can choose to receive annual dividends through your whole life policy and donate that cash to a charity or college.

In case you have a policy that is completely paid up, then you can donate to the college and gain tax benefits. However, this type of donation would be irreversible. This type of policy is also a good way for parents to plan and save money for the children’s tuition.

Donating your money is a big deal. However, when you are making this decision, ensure that you have weighed in all the pros and cons and that you make a well-informed decision. Consult a financial advisor and double-check your financial conditions before making a donation. Whether you choose a charity or a college is a decision you have to make after doing your homework well in detail. A donation is a very large-hearted step that could improve someone’s future.

Keep yourself updated with the latest on Insurance . Like us on Facebook and follow us on Twitter for more on Investments.

Related Reading

Tips for Buying the Best Dog Food

Most of the dogs do not have a food fuss and may eat almost anything that you feed them. Dogs are not choosy at all when it comes to food and nutrition. Hence, it is important to make sure that the food that you are purchasing for your dog is healthy. The landscape of dog food has been developing by leaps and bounds in recent times. There is a wide variety of options to choose from in the online and offline market. Given the wide range of options that are available today, buying the best dog food might seem to be a confusing task indeed. All the commercial pet food that is available in the market today is regulated by the FDA. Therefore, most of the products do contain nutritious, healthy, and safe ingredients. But it does help to know certain basic factors you should look for while buying food for your dog. Prioritize on the nutritional guarantee The best dog food, which meets the dog’s needs adequately has a statement written on the label of the product, from the Association of American Feed Control Officials. Buy from some of the best dog food brands, such as Fromm Family Foods, Earthborn Holistic, Nature’s Variety Instinct, and The Honest Kitchen.

Different Types of Kitchen Cabinets Available for Your Home

The most important aspect when designing your kitchen is deciding on the type of cabinets. In addition to functionality, kitchen cabinets score on aesthetics as well. Once the layout is planned, you can go ahead with choosing the cabinets. If you’re remodeling your home or just the kitchen, what you need to consider are the types of cabinets that furnish your kitchen. Here are a few types of kitchen cabinets that you can choose from. Base cabinets These kitchen cabinets are mounted on the floor and they are placed after checking out the floor plan. A major part of your job in the kitchen is on these base cabinets, which hold and support the countertops. These base cabinets are combined to carve out kitchen islands. A number of base cabinets are fused/set against one another and installed on site. The base cabinets, in addition to supporting the countertops, serve as drawers to hold your cutlery and appliances. Wall cabinets Mounted on the walls, these cabinets can store everything, right from your cookware to cookbooks. In terms of design, they offer utmost flexibility. Wall cabinet kitchen is available in varying heights, multiple widths, and custom depth options. This customization helps you to fit in your stuff of varying shapes and sizes into the wall cabinets.

How to Pick the Right Dog Food for a Sensitive Stomach

In today’s world, where you are presented with over a dozen choices for every item you would purchase for your own kitchen, it is not surprising that you have an equal number of options for your dog’s food. However, choosing the perfect brand and formula for your dog out of a range of options in the market is not an easy job. Your pet depends on you and trusts you to make the right choice for them. Therefore, it is imperative that you do your research about the products available in the market, understand what your dog needs, know what might be your pet’s problems, and then make a sound decision. What is a sensitive stomach? Dogs are known to have voracious and large appetites. Keeping that in mind, it is normal to assume that they have strong stomachs. They can eat close to anything be it sweets, bakes, chewy gum, hard leather or even woolen socks for that matter! It always so happens that the strongest of them are prone to allergies and can develop a disorder which is medically translated as a sensitive stomach. This might be due to a sudden change in the food habits or even due an infection picked up from somewhere.

All You Need to Know about Cat Food

For cat owners, cat food is a hot topic. You need to think about it in different aspects. The best thing is to know which ingredients are good for cat food and which are harmful. If you are aware of this, you can get an idea about the quality of the cat food just by going through the label. It is always sensible to stick to one brand of cat food. However, you may also want to try and prepare cat food yourself. There are also various options for wet cat food as well. Cat’s love for fish is universal, so you can do without going for expensive cat food. Nevertheless, whether you buy it or prepare cat food at home, you need to ensure that the food contains enough nutrition and calories. You would need to have some idea about the ingredients that must be present in cat food and make a worthy selection for your cat. Basic ingredients present in good cat foods Cats need a variety of nutrients to stay healthy and active; they need various vitamins, minerals, fats, proteins, and oils. The following is a brief explanation of the basic ingredients that should be present in cat foods.