If you share your estate with a charity, it will reduce your estate tax bill. Direct bequests to charity are generally fully deductible for estate tax purposes. Therefore, if you leave all assets to charity over and above your applicable exclusion amount, you should not owe estate taxes.
Gifting assets to charity prior to death can potentially provide an income tax deduction to you now while excluding the assets from your taxable estate. Life insurance can also be an excellent way to pre-fund an endowment of your choice, potentially qualifying the premium payments as a deduction from personal income taxes.
Insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Each is a Prudential Financial company that is solely responsible for its own financial condition and contractual obligations. Our policies contain exclusions, limitations, reduction and terms for keeping them in force. A licensed financial professional can provide you with cost and complete details.