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Designate a charity as the beneficiary of a life insurance policy. The most straightforward approach is to buy a life insurance policy where you are the owner of the policy and you designate the charity as the beneficiary. In this scenario, you would maintain control of the policy, but the charity collects the insurance proceeds upon your death. The death benefit qualifies as a tax credit on your final income tax return. In this scenario, the premiums for the life insurance contract are not eligible for a tax credit. Since there is a direct beneficiary designation, the life insurance death benefit would bypass the estate and avoid any probate fees. If you have an existing life insurance contract, you can simply change the beneficiary to your charity of choice.
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