Do you have a life insurance policy you no longer need? Giving the policy to charity could provide tax savings today while providing for a sizable contribution tomorrow.
If you give away a paid-up policy, you probably can deduct the cash surrender value.
If you give away a policy for which you’re still paying premiums, you likely will get a deduction for the policy’s cash surrender value as well as for the future premiums you’ll pay.
However, merely naming a charity as the policy’s beneficiary may not provide any deductions so you need to check with your tax advisor.
Life insurance policies are not on the public record so giving one to charity is strictly a private matter. After your death, the charity will receive the cash proceeds within a month or two, without any expenses or delays for probate.
As you might expect, most charities will be glad to help you with the necessary paperwork, if they will become the new policy owner.