I always thought I’d be taller. I come from strong Scandinavian stock, drank plenty of milk as a child, and count several close relatives at 6 feet or more. But my long-awaited growth spurt still hasn’t come, and I’ve yet to outgrow an item of clothing before it wears out.
Though not as obvious as too-small clothing, financial assets can be outgrown as well.
Older life insurance policies are a perfect example – perhaps purchased when your children were young, the ink on your mortgage was still wet, and when your career was just beginning. If you’ve been fortunate with your family and your finances, the “just in case” protection of that old policy might not be needed any more.
That policy could, however, serve another purpose – supporting causes that have special meaning to you through the Community Foundation or another charity. Most life insurance policies can be donated, resulting in an immediate income tax deduction and, if the policy is surrendered following the gift, and immediate support for your favorite causes.
Gifts of older policies are relatively simple, but do require the assistance of a knowledgeable advisor or gift planner. If you’ve an older policy that you might want to turn into charitable dollars, we’d be happy to be of help.