Life insurance is a viable product for building your legacy.

Using life insurance has many advantages. While you can designate a portion of your life insurance to your family, you can designate a portion for your chosen charity. That way, you can save on income tax now or in the future. When you name a charity as the beneficiary on your policy, the charity receives the insurance proceeds just like a regular beneficiary would – but in this case, the payments are considered a donation. As a result, the amount bequeathed qualifies for a tax credit that can offset the income taxes on your estate, regardless of the amount you choose to bestow. And tax savings are always a good thing.