Charitable Planning
Smart Charitable Planning & Giving
A few main concepts in which our experts focus on thorough charitable planning include life insurance, income maximization, and estate tax minimization.
Review existing life insurance policies:
- Find possible issues with existing policies, for example., a potential for lapse of coverage.
- Rewrite policy at the same premium with a greater death benefit.
- Donate additional death benefit proceeds to charity.
Utilize unneeded Required Minimum Distributions:
- Purchase life insurance with unneeded IRA RMDs.
- Donate part or all of the death benefit to charity as a planned gift.
- Create a guaranteed lifetime income stream by using principal protected products.
Increase income from safe money:
- Increase income received from current safe money by effectively utilizing principal protected products with lifetime income features.
- Generate 5-7% income with guaranteed lifetime income stream, allowing for a larger current gift to charity (based on age of donor).
- Purchase life insurance to benefit the charity.
Minimize estate tax:
- Donate the residual of the estate to charity.
- Increase the amount of money left to heirs by restructuring the estate.