Robin Glen’s Post

Name: Robin Glen on LinkedIn: #charitablegiving #philanthropicgiving #lifeinsurance
Uploaded: 2024-12-12T13:00:07.703Z
Duration: 2 min 34 s
Channel: Robin Glen

Robin Glen

370 followers

1mo

Can you use life insurance to be even more philanthropic? In this clip from our latest episode of Planning Reimagined, Kristopher Stegall, Celeste Moya and our guest, Richard Peck, explore the strategies involving life insurance that can help to maximize the impact of your charitable giving. And check out the entire episode at the link below (or on your preferred podcast platform). https://lnkd.in/eYtX9_4u #charitablegiving #philanthropicgiving #lifeinsurance

Transcript

So somebody wants to give a life insurance policy, it's not uncommon for us to kind of go through and help them restructure it because I would say that most charities are, you know, whenever they get those, they don't necessarily want to continue to make premium payments on them. But again, working with a group, a group like ours, we can help restructure those often and make sure that it's hitting the actual goals of the charity as well as the donor. We also have situations where you have charities who are accustomed to receiving annual donations from families on a very regular basis. And so they kind of build that into their annual cash flows. And so if that's kind of embedded in that charities annual cash flow is the loss of that person and the loss of that donation can't have in, in some instances, a pretty substantial impact on what those capitalists are going to be in the future. So sometimes we'll see charities take out insurance policies on significant donors to help protect that loss of income for for those business owners. You can kind of think about it being key person insurance in a way if this person is contributing a lot to this cause, you know, specifically through this organization. And we do see some charities that. That they like to do that as well. And then you have families who are just really wanna give large endowments at the end of the day. So we'll see sometimes where families will go. Yeah, You know what? When I, when I pass, I want my name on that building. Well, sometimes one way to do that is to buy an insurance policies, have that death benefit paid out to the to the charity. That's that's not necessarily uncommon to what is more common though. And this kind of goes back to the point you're making a minute ago, Celeste, where all of a sudden the the wife didn't have any money. Sometimes we'll set up what we call wealth. Replacement trust So whenever you're looking at a client who's looking at giving away a lot of their wealth or substantial part of their wealth to A cause, sometimes they'll buy an insurance policy and a completely separate trust to offset that donation. So now you ensure that you know, your, your airs your, your kids or whoever you want to benefit outside of the charity with your welfare sort of made whole for for any amount or, you know, to the extent that you want anyway and up cash to help offset that donation. And so in your example, it could be that, you know, maybe those are. Business interests or the real estate or something that has been managed and the spouse isn't capable of doing that. Well, sometimes you might just want to give that away. Have an insurance policy come in and now spouse kids have cash they can do they can run their lives so they don't have to worry about the stress of, you know, running a business or things like that. So those are those are a few ways, a few ways off the top of my head anyway that they live pictures can be used in a charitable manner. Yeah. And so we work locally with national nonprofits that use this very regularly. And they use it for a couple of different reasons.

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Robin Glen’s Post

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