USE A LIFE INSURANCE POLICY TO MAKE THE GIFT OF A LIFETIME

Mark Halpern, Certified Financial Planner, Trust & Estate Practitioner, Master Financial AdvisorPhilanthropy and CEO of WEALTHinsurance.com and ZoomerMedia partner, shares his knowledge

Agenerous Canadian university graduate wanted to support her alma mater but didn’t have enough liquid assets available to fund a substantial donation. Mary was in her early 60s, financially comfortable from pensions and fixed-income investments and anxious to make a meaningful charitable gift while she was alive.

Her investment portfolio included an old term Life Insurance policy with a face amount of $300,000 that she no longer needed. Mary was now uninsurable and unaware that she could convert the policy into permanent Life Insurance without a medical.

We arranged for an independent actuary to review her policy and provide a current market valuation, which was established at $175,000.

Mary donated her insurance policy as an Estate and Legacy gift to the university and received a tax receipt in the amount of $175,000, allowing her tax savings of $87,500 available over the next five years.

Her alma mater will receive $300,000 upon her death. Mary was recognized by the university for her legacy gift while she was alive.

This PolicyPRESERVER™ strategy is available with any older term or permanent life policies. Generous donations can also be structured with a new policy to maximize the gift and minimize taxes.

Mary can continue paying the premiums and receive a charitable receipt annually for her ongoing donations, or arrangements can be made for the university to pay the premiums on the donated policy.

DON’T DISINHERIT YOUR FAMILY. ADOPT A CHARITY AND DISINHERIT THE TAX DEPARTMENT.

Mark Halpern can be reached by phone at 416-364-2929, or by email: Mark@WEALTHinsurance.com

“Generous donations can also be structured with a new policy to maximize the gift and minimize taxes”