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Insurance & Retirement Plans

Gifts of Life Insurance and Retirement Plan Assets

Did you know that nearly half your retirement plan assets can be eaten away by taxes at your death? What about your life insurance policies? An outright charitable gift might reduce the projected value of inheritances for family members when using a life insurance policy may provide significant benefits to the estate.

Learn how to preserve more of your estate for the people and organizations that matter most in your life.

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Gifts of Life Insurance

When you first bought a life insurance policy, you probably hoped to ensure the financial stability of your family should something happen to you or your spouse. Have your circumstances changed since then?

Life insurance can be a tool with many purposes. For example, it can provide liquidity for paying taxes and other expenses at death. But, believe it or not, some of the most satisfying uses for life insurance policies are connected with charitable giving!

If you have a life insurance policy you no longer need, you might contribute it to a charitable cause in which you believe. Purchasing a new policy and naming Billie Hardee Home for Boys as beneficiary is another possibility.

Perhaps you are considering a sizable bequest to BHHB, provided your family's future inheritance is not affected. Life insurance can play a part in meeting this goal, too, by replacing for your heirs the amount donated.

This versatility of life insurance makes revisiting its uses a good idea for charitable giving. We hope you will evaluate your situation to determine if a Gift of Life Insurance to Billie Hardee Home for Boys is a viable option for you.

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Gifts of Retirement Plan Assets

Like many Americans, you are probably aware that the accumulation of assets in your retirement plan is the basis for a financially secure future. To preserve your retirement assets after your lifetime, consider the benefits of using them in a totally different way.

Retirement accounts are often exposed to income taxes and estate taxes, at a combined marginal rate that could rise to 65 percent or even higher on large, taxable estates. Yet many of these taxes can be avoided or reduced through a carefully planned charitable gift.

Other considerations come into play when deciding on using retirement plan assets for charitable giving. Your account can pass directly to a charitable organization as your primary beneficiary, or it can be transferred to a deferred giving arrangement that will pay an income for life to a family member, after which the remaining assets pass to the organization. You might even consider a deferred gift that is designed to pay a life income to yourself.

For More Information

Whatever method you choose to support us, you can be assured that your funds will be put the the best possible use supporting programs we administer for at-risk South Carolina teenage boys and their familes. Please contact us if you have any questions or would like to schedule a conference to discuss charitable giving.

Finally, the information presented on this site is general in nature and is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional before making decisions about significant gifts to Billie Hardee Home for Boys.

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