How to give more charitably, without it costing you more
Why do you donate? Perhaps it’s a charity you really care about. Perhaps they were there for your family in a time of need. Perhaps you have seen the impact of a major illness on your family, and this charity is fighting to find a cure. Or perhaps you deeply believe in their cause.
Whatever the reason, you are doubtlessly giving what you can. But you wish you could give more. There is a way to multiply your donation 20 times, without it costing any more than your current giving plan. It is a strategy that most charities will welcome.
Imagine taking 50% of your current donation and creating a legacy donation, payable to the charity upon your death. You use this 50% to fund a life insurance policy on your life (or someone else’s, if there are health concerns) with your charity as the beneficiary. That’s how you magnify your donation by up to 20 times, depending on your age.
Now, of course the charity still needs funds to operate today. That’s why you continue to donate 50% in cash, reserving the other 50% to pay the premiums on this future endowment.
The insurance policy will eventually pay out upon your death. When such policies do, the charities get a huge boost forward in their plans, as these pay-outs tend to be significant—worth far more than the value of the premiums which made it all happen. As you can imagine, charities would love to be named as beneficiaries on more of these policies.
As the donor, you will receive a tax donation receipt for that policy, and for the cash you also donated. So, financially, you are still donating the same amount today and receiving the same tax benefit today. The difference is that you will make a much greater impact for that charity with this two- tiered approach.
To get the tax advantages, your charity needs to be approved by the federal government. Visit this link for a full list. Your donation must also be a gift for which you don’t get anything back in return for what you are giving— except for some great tax planning and a legacy endowment.
Talk to your Financial Advisor today about how to set this up properly and ensure it makes sense for you.
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