Consider Life Insurance for Charitable Bequests

With the end of 2023 fast approaching, it's the perfect time to explore the benefits of using life insurance to support your charitable bequests. At Tune Financial, we specialize in helping individuals make meaningful contributions to their cherished causes through life insurance. Whether you're passionate about giving back to your community or supporting a cause close to your heart, life insurance can be a powerful tool to fulfill your charitable goals.

Consider these key reasons for taking action before the year ends:

AMT Rule Changes: This is the biggest reason. Proposed changes to the Alternative Minimum Tax (AMT) rules could impact charitable bequests for high-income individuals starting in 2024. These revisions might affect the tax benefits associated with your charitable contributions. It's advisable to consult with your accountant or tax professional to understand how these changes may affect your situation. Read more about the proposed AMT adjustments HERE.

Timely Implementation: Obtaining a new life insurance policy involves several steps, including medical evaluations and underwriting. The approval process can take several weeks or even months. To ensure that your charitable bequests are in place before the close of 2023, starting the process soon is essential.

Beneficiary Designation: If you already have an existing life insurance policy and wish to designate your chosen charity as the beneficiary, this requires updating your policy. The can also be time-consuming, as it entails paperwork and requires processing by your insurance provider.

Your dedication to supporting your cherished charity through life insurance is truly commendable and can leave a lasting legacy. At Tune Financial, we're here to assist you in taking the necessary steps before the end of 2023.