As you drive around cities, have you ever wondered how rich someone must be to get their name on a building? The college campuses, the hospital extensions, the libraries – all prefixed with the name of a wealthy philanthropic patron. Wouldn’t it be nice to be so comfortable you can enjoy donating sizeable sums of cash to your favorite causes – maybe your church, or your alma mater, or any number of wonderful charities and organizations out there?
While there certainly are many very wealthy individuals and families that can do so, it is a bit harder for most of us to give a gift of any significant size. Of course, every dollar helps in fundraising for good causes, and many of us will support several causes – we buy the cookies or popcorn, we put in for the raffle or tombola, or we even give directly monthly to our charities of choice.
But it is perfectly possible to give a substantial sum to your favorite good cause without breaking the bank by using life insurance. And using this method, you also rest assured knowing you have not deprived your nearest and dearest of your worldly estate – you still leave your money to those you love.
Many people now take out a life insurance policy – in addition to any they may have in place to support their family – where they simply name their chosen charity as the beneficiary.
Depending on your age and health, life insurance premiums can be quite low, so for a few dollars a month you could be leaving a substantial gift in your name when you pass away. This kind of planning can help charities greatly as well, as they are able do substantial good with the large sum they receive from your policy. And it happens quickly – as the payment is not part of your estate it does not go into probate, it is a clear and simple check to the charity you named as beneficiary.
If this way of supporting your good cause interests you, call our experienced advisors at EmVision Capital Advisors today so we can help start you on your philanthropic legacy. Of course, you should also speak with the development department at your preferred charity, as they will be able to give you advice on their needs and preferences and the way in which you would lie your generous legacy remembering. Depending on how the insurance policy is established, there may even be tax benefits to creating your legacy with a life insurance policy, but guidance is best sought from a qualified tax advisor.
EmVision Capital Advisors also recommends you speak with your estate planning lawyer, so your wishes are clearly known and understood by your family. EmVision Capital Advisors’ professionals will be delighted to help you find policies anticipated to help you achieve your gift to help others after you are gone, leaving a legacy in your name to help others for years to come.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. EmVision Capital Advisors do not provide tax or legal advice. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. Guarantees are based on the claims paying ability of the issuing company. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Advisor. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network®.