Charitable Planning

Charitable giving is an integral part of many estate plans because it is one of the most effective ways to minimize estate taxes while protecting family assets. By setting up a tax-favored charitable plan, you can support causes you believe in, leave behind a shining legacy and pass family values from generation to generation.

Through proper charitable planning, you can – depending on the types of investment – remove the asset from your taxable estate, ensure a substantial immediate tax deduction is given and even guarantee benefit income protection. We can help you:

There are three key pillars in a secure financial planning foundation: protection (smart risk management), growth (creation of wealth) and preservation (asset protection and estate planning). Without proper protection planning, all of your visions of a secure future for you and the generations to come can be easily toppled.

1. Plan and implement a charitable giving strategy.

2. Structure your plan for maximum tax advantage.

3. Select the best tax-favored assets for gifting.

We can work with you to build a philanthropic legacy as part of an integrated wealth transfer strategy. We can help you determine the best way to give to nonprofit organizations while minimizing tax issues that may impact your family’s future.

Donate Big with Life Insurance

Most individuals purchase life insurance to make sure their families are taken care of after they’re gone or as a key component to tax-advantaged estate planning.

What they may not know is that life insurance can also aid in supporting a favorite charity. When properly structured, life insurance allows money to grow tax-free and is subsequently transferred to your beneficiary tax-free. At the same time, your estate receives a charitable deduction for the amount of the proceeds upon your death.

Bigger Donations…and a Tax-Free Break

Here’s how it works: say you decide to transfer your insurance contract to your favorite health-focused charity or your alma mater. You will get an income tax deduction this very year and,at the same time, you set the stage for leaving behind a generous legacy.

Let’s say you are 58 years old and your estate is worth $15 million. According to Daily Finance, you can purchase a $10 million life insurance policy with an increasing death benefit at a cost of $718,000 per year for seven years. If the value of the death benefit grows at 7.5 percent during the 30-year period, your charity receives almost $27 million upon your death. Now that’s a gift that will make a major impact!

Much Larger Charitable Contributions

Giving through life insurance allows you to make a far larger contribution than outright cash or appreciated property. And there are many ways that life insurance can be utilized. Some gifts are self-completing, meaning that they are awarded only in the event of your death or disability. Some are bequests at death, which go to the charity free of any federal tax. You may choose to give an existing policy or policy dividends. Let’s take a look at three of the most popular ways to set up your life insurance policy for charitable purposes:

Policy Donations

If you’re seeking a greater benefit for the charity of your choice, you may want to consider a policy donation. By gifting the life insurance policy, you could end up paying thousands less in estate taxes and at the same time, reap an often significant income tax deduction of the policy’s fair market value.

When you pass away, your charity will receive the entire face amount of the policy – a substantial windfall that’s far greater than it would receive from a charitable giving rider. Any premiums paid after the date of the gift may also be tax deductible.

Rather than surrender a policy that was initially purchased to help provide support for a divorced or deceased spouse or children who are grown up and self-sufficient, you can dispose of it through charitable giving. There is no limit to the size of the policy that may be donated.

Designating the Charity As Beneficiary

Perhaps the easiest way to provide your charity with death benefit proceeds is simply to name it as a beneficiary. Although you will not save on income taxes, your estate will be reduced by the amount of the death benefit.

There are other benefits to designating the charity as beneficiary: it’s flexible, so you can list the charity as a revocable beneficiary and switch to another charity (or another family beneficiary) down the road.

If your relationship with family members is thorny, you can transfer assets in this incontestable way, making it virtually impossible for anyone to contest the estate settlement. In this case, the proceeds are paid confidentially and your heirs need not know your intentions, either before or after your death.

Gifting Policy Dividends

You may also choose to receive the dividends paid to your life insurance policy in cash and donate them to charity. Although the benefit to the charity is not quite so substantial, you can deduct benefits from taxes and need not concern yourself with additional cash outlay. If you own a corporation, it’s a great way to recognize tax and community benefits.

THE SECRET OF LIVING IS GIVING. We have helped many successful individuals to create smart charitable planning to reduce taxes and support their charitable goals. If this something you want for yourself then please call (877) 972-3262 or complete contact us form now.

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Regardless of the topic or question, BeamaLife has unique individuals with the right background to address my concerns. As a result, I have a much clearer understanding of how certain wealth creation strategies were the right fit for my company. I also have been able to take much higher income tax deductions for the corporation by implementing a plan set forth by Neil Jesani. They have maintained an unmatched level of professionalism during my interactions with them over the years.”

Mr. Peters
Software Company Owner, California

“BeamaLife was referred to me by my CPA for my pension plan funding. I also wanted to take care of my estate tax need. Neil and his team have done a superb job of creatively funding my pension plan, acquiring most cost-effective life insurance for our estate planning need with very minimum out pocket using velocity of money principle and putting my existing investment to second use. They also help us setting up all our estate planning documents.”

Dr. Martin
New Jersey

“BeamaLife has been a great advisor to us for many, many years. They not only helped us take higher income tax deductions but, also helped us organize our investment portfolio in an efficient manner. Through this relationship, we were able to create substantial wealth with the very low out-of-pocket expense. Neil Jesani from BeamaLife is very responsive, professional and extremely knowledgeable”

Mr. Sakaria
Multiple Pharmacy Owner, New York

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