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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
September/October 2024
Generosity Reaps Tax Savings
Charitable giving has positive effects on both recipients and givers. One way to feel those positive effects and potentially save taxes is to make your gift with a life insurance policy you no longer need.* You might:
Gift an Insurance Policy
Doing so may reduce your taxable estate, potentially saving you thousands in estate tax. Most importantly, the charity will receive the entire benefit amount of the policy at your death. Your cost is the premiums already paid on the policy. Any premiums paid after the gift may be deductible for income tax purposes as well.Name a Charity as Beneficiary
You can make the charity a revocable beneficiary. You still own the policy, can change beneficiaries and access its cash values. Making the charity a beneficiary also ensures the privacy of the transaction. Premiums you pay are not deductible.Donate Policy Dividends
Although donating policy dividends won’t provide the same benefit to a charity as the other strategies covered, you could receive the dividends paid to life insurance policies in cash and donate them to charity. The dividends donated are income-tax deductible in the same manner as premiums paid on a gifted policy, and this strategy does not require any additional cash outlay from the donor. It also preserves the death benefit for your family or other beneficiaries.Your insurance and tax professionals can help you make the right choice.
*Applications for life insurance are subject to underwriting. No insurance coverage exists unless the required premium is paid to put an issued policy in force. Accessing cash values may reduce the death benefit and policy values, trigger tax consequences, surrender fees, and charges, and may require additional premium payments to maintain the contract. Guarantees are based on the issuer’s claim-paying ability.
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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