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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.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.
GE-6734756.1(7/24)(Exp.7/26)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
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These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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