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 Planned giving using life insurance
Feeling charitable? Our firm is able to help you design a planned
giving program to benefit your favorite cause. Often planned giving
results not in a reduction in your assets or income, but an actual
increase by way of the substantial tax benefits that are available. If
you have achieved a degree of financial success, have a desire to support
a charitable organization, perhaps in memory of a loved one, and have an
interest in offsetting current or future tax obligations, planned giving
using life insurance is a strategy that can work for you. You will be
amazed at what a difference you can make!
A carefully arranged planned gift can be tax effective, and at the
same time balance your final needs and your family's. It can allow you to
leave a lasting personal legacy and provide your favourite
charity with stable funding over the long term without reducing the
estate available to your heirs or jeopardizing your future financial
independence.
You can distribute your assets to two of the following three groups:
A permanent life insurance plan can allow you to
accumulate cash value growth inside the life insurance policy, within
certain legislative limits, without paying income tax on the growth. Cash
withdrawals are subject to taxation based on the rates and rules in
effect at the time you withdraw the funds. The death benefit is paid to
the beneficiary of your choice tax-free upon death.
Is this right for you? It depends . . .
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Do you want to
maximize the gift that your charity can receive?
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Do you need the
tax credit today?
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Can you use the
full deduction if taken at death?
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Do you want
flexibility in naming which charity receives the donation?
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Do you want to
retain control of your capital in a tax-advantaged insurance
program?
For more information on Planned giving
using life insurance, I can provide a strategy that can work for you.
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