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- 1. “ Client Focused” Charitable Planning By: Roccy DeFrancesco, JD, CWPP, CAPP, MMB Founder: The Wealth Preservation Institute Co-Founder: The Asset Protection Society
- 3. Traditional Giving vs. SPG Simplified Planned Giving Traditional Planned Giving -Charity centered -Expensive -Complicated -Sensitive to market -Difficult to deliver -Donor/client centered -No out of pocket cost -Guaranteed benefits -Quick implementation
- 10. Charitable Gift Annuity (CGA) 1. Donor transfers asset to Charity. Receives immediate income tax deduction. 2. Charity uses a portion of funds to purchase a commercial annuity and (assuming insurability) a life insurance policy. 3. Commercial annuity pays Charity. 4a. (Optional) Donor may elect to use part of the income for guaranteed inheritance (Wealth Replacement). An ILIT is typically used. 5. At death, insurance policy will distribute funds to donor’s DAF at Charity. (Heirs can be advisors) Donor Advised Fund at Charity 4. Charity pays income beneficiaries. Charity Donor Insurance Company Chosen Heirs
- 11. CGA Program Benefit Guarantees 1. Guaranteed Income Benefit Total Gift 2. Legacy Benefit (DAF) *If underwriting considerations are not favorable, charity may select an annuity settlement option or fund a deferred annuity to provide the legacy benefit. Lifetime Income from the Charity Charity purchases life policy for legacy benefit* Available for Charity
Notas del editor
- How split-interest gifts work in general 1. You transfer cash, securities, or other property to charitable foundation. 2. You receive an income stream, a current tax deduction and may save capital gains tax. 3. To replace the value of gifted property for your family, you use some or all of your income to buy life insurance. 4. Upon death of donor/client, remainder of gift passes to charitable use, while wealth replacement provides tax free benefit to heirs.
- Client / Donor’s Interest Immediate tax deduction Tax relief on asset sale Guaranteed lifetime income Portion Tax free, non-reportable Charitable Interest Remainder value available to named charity after death of donor/client
- “There is tremendous power in leveraging the legacy benefit with life insurance. However, insurability can potentially be a show stopper, except that we understand annuity underwriting options. And where an insurance policy is impractical, we can still provide a substantial benefit by choosing from several SPIA settlement options. In consultation with the charity, we will do whatever we can to make the process work in every possible case.”