DO:
It is important that you name The Nature Conservancy as the irrevocable owner of the policy and not just its beneficiary. If you retain ownership of the policy, the IRS will not allow you to deduct your premium payments, even though you are making them on our behalf.

WATCH OUT:
If you have borrowed against a life insurance policy, a gift of the policy with the loan still outstanding will create taxable income for you in the amount of the loan balance.