If you are willing to give up some flexibility, another common approach is to buy a life insurance policy and give it to charity today, continuing the premium payments by making annual gifts to the charity. ?This has the advantage of making your current gifts to charity tax deductible, subject to certain adjusted gross income limitations.
However, the disadvantage to giving the policy to charity is the loss of the ability to change beneficiaries if you lose confidence in the charity, or decide you'd rather give it to another. ?You also lose access to the cash value.
It is also possible to reverse the order of things, especially with larger taxable estates, so that the taxable assets go to charity (with no tax) and the life insurance proceeds go to the children as their inheritance (also with no tax if properly structured).
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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