{"id":41734,"date":"2023-10-08T12:30:00","date_gmt":"2023-10-08T16:30:00","guid":{"rendered":"https:\/\/www.westbendnews.net\/autonews\/?p=41734"},"modified":"2023-10-03T13:45:56","modified_gmt":"2023-10-03T17:45:56","slug":"life-insurance-is-a-recession-proof-way-to-support-a-charity","status":"publish","type":"post","link":"https:\/\/www.westbendnews.net\/autonews\/life-insurance-is-a-recession-proof-way-to-support-a-charity\/","title":{"rendered":"Life Insurance is a Recession-Proof Way To Support a Charity"},"content":{"rendered":"\n
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As Americans, we can take pride in the fact that we are a nation of givers. And as the economy improves, charitable giving is on the rise. In fact, according to the National Philanthropic Trust in 2020 total charitable giving from U.S. individuals, corporations, foundations, and bequests exceeded $471 billion with 69% coming from individuals.(1)<\/sup>\u00a0<\/p>\n\n\n\n

While money may be tight for many Americans, it\u2019s nice to know that there is a way to support a favorite charity without having to worry about the impact it could have on your budget. How? By giving the gift of life insurance. Here are just a few ways you can use this proven method to contribute money to your favorite causes:  <\/p>\n\n\n\n

\u2022 Donate an existing policy\u2014If you already have a policy and no longer need the death benefit, you can gift the policy to your desired charity, which may give you some tax benefits. The charity will receive the full benefit amount when you die.<\/p>\n\n\n\n

\u2022 List the charity as a beneficiary\u2014As the owner, you remain in control of your policy and can leave money to as many beneficiaries as you like: children, grandchildren\u2014even multiple charities. Or, you can name a single charity the sole beneficiary, and it will receive the entire amount.<\/p>\n\n\n\n

\u2022 Purchase a separate policy\u2014There are times when it makes sense to have separate policies: one for loved ones and one for charitable gifts. This technique can prove especially helpful if you would like to retain ownership of one policy, but not the other.<\/p>\n\n\n\n

\u2022 Create a Charitable Remainder Trust\u2014While this planned-giving tool is designed to shelter appreciated assets such as stocks and real estate, you can also incorporate life insurance if it\u2019s set up properly. Be sure to consult a trusts and estates advisor before pursuing this approach.<\/p>\n\n\n\n

Giving life insurance can be a lasting legacy to support causes dear to you. Depending on the method you choose, it may also offer a variety of tax benefits.<\/p>\n\n\n\n

This educational third-party article is provided as a courtesy by <\/em>Anthony E. Marlin, Agent, New York Life Insurance Company and a Registered Representative of NYLIFE Securities LLC (member FINRA, SIPC), a Licensed Insurance Agency and New York Life Company,Marlin & Associates Financial Services, 100 East Jackson, Paulding, Ohio 45879. To learn more about the information or topics discussed, please contact Anthony E. Marlin at 260-704-3272.<\/em><\/p>\n\n\n\n

1<\/sup>\u201cCharitable Giving Statistics,\u201d National Philanthropic Trust, 2021.<\/p>\n\n\n\n

Neither New York Life Insurance Company nor its agents provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professionals before making any decision. Also, state laws vary with respect to charities and insurance. Please consult your legal advisor for details.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As Americans, we can take pride in the fact that we are a nation of givers. And as the economy<\/p>\n","protected":false},"author":3,"featured_media":40554,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","nf_dc_page":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[17390,20078,18845,20077],"class_list":["post-41734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columns","tag-anthony-marlin","tag-marlin-associates-financial-services","tag-new-york-life","tag-nylife"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.westbendnews.net\/autonews\/wp-content\/uploads\/2023\/05\/Marlin-pic-EOT.jpeg?fit=318%2C309&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p2YQd9-aR8","jetpack-related-posts":[],"jetpack_likes_enabled":true,"publishpress_future_action":{"enabled":false,"date":"2026-04-29 06:25:43","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/posts\/41734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/comments?post=41734"}],"version-history":[{"count":1,"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/posts\/41734\/revisions"}],"predecessor-version":[{"id":41735,"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/posts\/41734\/revisions\/41735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/media\/40554"}],"wp:attachment":[{"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/media?parent=41734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/categories?post=41734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westbendnews.net\/autonews\/wp-json\/wp\/v2\/tags?post=41734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}