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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
September/October 2024
Generosity Reaps Tax Savings
Charitable giving has positive effects on both recipients and givers. One way to feel those positive effects and potentially save taxes is to make your gift with a life insurance policy you no longer need.* You might:
Gift an Insurance Policy
Doing so may reduce your taxable estate, potentially saving you thousands in estate tax. Most importantly, the charity will receive the entire benefit amount of the policy at your death. Your cost is the premiums already paid on the policy. Any premiums paid after the gift may be deductible for income tax purposes as well.Name a Charity as Beneficiary
You can make the charity a revocable beneficiary. You still own the policy, can change beneficiaries and access its cash values. Making the charity a beneficiary also ensures the privacy of the transaction. Premiums you pay are not deductible.Donate Policy Dividends
Although donating policy dividends won’t provide the same benefit to a charity as the other strategies covered, you could receive the dividends paid to life insurance policies in cash and donate them to charity. The dividends donated are income-tax deductible in the same manner as premiums paid on a gifted policy, and this strategy does not require any additional cash outlay from the donor. It also preserves the death benefit for your family or other beneficiaries.Your insurance and tax professionals can help you make the right choice.
*Applications for life insurance are subject to underwriting. No insurance coverage exists unless the required premium is paid to put an issued policy in force. Accessing cash values may reduce the death benefit and policy values, trigger tax consequences, surrender fees, and charges, and may require additional premium payments to maintain the contract. Guarantees are based on the issuer’s claim-paying ability.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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