Perhaps when you were younger you purchased life insurance that would not only cover your final expenses, but also the balance of your mortgage & other debts, as well as continuing to provide for your spouse and minor children if you were no longer able to do so. However, your children are now grown and on their own, your debts paid (or mostly paid), and your assets are such that your spouse wouldn’t need the proceeds, or all of the proceeds, from your insurance. You might consider making a gift of the policy, or a portion of the policy.
The Charitable IRA Rollover allows individuals age 70-1/2 and older to make direct transfer of up to $100,000 per year (and up to $200,000 per year for married couples) from individual retirement accounts to qualified charities without having to count the transfers as income for federal tax purposes. Since no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction, but are eligible to be counted toward an individual’s minimum required distribution. There are strict rules that must be followed, so be sure to talk to your plan administrator about what you would like to do before you make any withdrawals.
Marketable real estate that has appreciated in value, and is no longer needed, can be an excellent gift that will allow you to avoid paying capital gains tax on the sale of the real estate and to receive a charitable income tax deduction based on the value of the gift. You can donate all or a part of the property.