This is an idea I use to help people who go to church and want to immortalize their tithes. I recommend a joint survivor life policy on the husband and wife, and suggest they appoint a trustee. Twelve months after the last owner of the contract dies, the interest on that contract will be paid to the church every year indefinitely. If it is a $100,000 policy earning 10 percent interest, the church will receive $10,000 every year as a gift from those clients.
M. Jack Peckinpaugh, CLU, ChFC, LUTCF, is a partner at Peckinpaugh Beasley in Muncie, Ind. Contact him at 765-287-8310 or email@example.com.