By Raymond Nash
Charitable Giving
Planning Using Life Insurance
There are many factors that indicate the next affluent generation will be replete with philanthropists. According to Forbes, the “Great Wealth Transfer” is on the horizon. “Over the next two decades, parents and grandparents are expected to pass down trillions of dollars (approximately $84 trillion, by one estimate) to charities and younger generations—particularly, Millennials and Gen Xers.” It’s expected that the future heirs will be actively engaged in charitable endeavors. This is due to an awareness of social injustices, a desire to have more of an active role in impacting change, and a mistrust in the government’s ability to problem-solve.
As a result, charitable endeavors might become a more prominent part of financial planning in the coming years, and life insurance can be an advantageous vehicle to use when implementing a charitable plan. Detailed fact finding and questioning of the individual or family’s goals and objectives is essential when developing the appropriate structure for the donation. It is essential to work with a knowledgeable team of advisors to develop a viable strategy. Heirmark is proud to contribute our experience when someone contemplates the appropriate components of their financial plan. This is what we do for only a select number of families, businesses, and charitable institutions each year.
Outlined below are some points to consider when initiating charitable planning using life insurance. Contact us with any questions or opportunities to help your clients achieve their goals.
