Friday, April 12, 2013
Living Gift Memorial Plan
It is always so inspiring to see the hearts of people who reach out to their community to help. Whether it is volunteering at church, giving to a family in need, or donating both time and money to a charity that you cherish, it is always humbling to watch. I had the opportunity to see this personally while at a Chamber Business After Hours during the month of December. The Chamber was raffling off either 100 gallons of oil and/or cash. When a winner was announced, he asked if the proceeds could go to a family in need. It turns out that a son of one of the chamber members had recently been in a car accident and was facing many surgeries along with not being able to work. The raffle was donated to him. It touched my heart. In my line of work, I am always speaking about providing peace of mind to families and businesses and I am honored when I know another family has been protected. I have also been humbled to see people want to leave money to either a charity or their church with the death benefit from their life insurance policies. Not only do people leave a lasting legacy when they do this, there are several advantages as well. Your gift would be protected from probate taxes, the gift could be excluded from estate taxes, and you can receive a tax deduction on the premiums you put into the plan. Leaving your Life Insurance death benefit to a charity can also help you to pass on a larger gift than you would have been able to give in your lifetime. Your cost is just the sum of the payments to the policy and your death benefit could be much more than that. A charity may have helped you or a loved one during their lifetime and it’s only natural to want to continue to help them as long as you possibly can. There is a misconception that only people with a large income can provide this. This couldn’t be further from the truth. Even those with a modest income can still be a philanthropist in your community. At Balanced Care, we would encourage you to speak with a tax advisor or your attorney to make sure your gift is structured properly. Because we network regularly with these professionals in the area, we can refer you to make sure that your legacy lives on the way you desire.