You may choose to leave gifts of any size to eligible charities through your will. Such donations can be deducted from the value of your estate and generally are not subject to taxes. Another way to benefit your favorite charity is to name it as beneficiary and/or owner of a life insurance policy. If you name the charity as the beneficiary, the policy amount may be included in your estate and premiums may not be deductible. However, if you name the charity as beneficiary and owner, there are likely to be more favorable income tax advantages. Check with an attorney regarding the laws of your state.