We help our clients support the people and causes they care about. There are different charitable giving strategies that can enable you to provide for your favorite charity while giving you a benefit such as lifetime income.
Jon wanted to provide for a local charity after he dies, while continuing to receive income for the remainder of his life. He owned a tract of land on commercial property. We worked with his attorney to establish a charitable trust which became the legal owner of the land. Funding of a charitable trust provides for an immediate tax deduction and exclusion of the donated property from the donors’ estate, but can still provide a consistent flow of income for the donors’ lives.
Additionally, we helped Jon purchase a life insurance policy owned by a permanent life insurance trust based on the estimated future value of the land at Jon’s death. On the death of the insured, a permanent life insurance trust pays the death benefit free of income tax and estate tax.
Contact us to learn more about how we can help you develop a charitable trust or other strategy to support the causes and people you care about.
This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your financial advisor prior to investing.
