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Breta Grumbois, CRPC®
Vice President, Wealth Management
Fibre Financial Group
Retirement and Investment Services
Located at Fibre Federal Credit Union
822 Commerce Avenue, Longview, WA 98632
Phone: 360-414-4223
Email: bgrumbois@fibrecu.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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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Fibre Federal Credit Union and Fibre Financial Group Retirement and Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Fibre Financial Group Retirement and Investment Services, and may also be employees of Fibre Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Fibre Federal Credit Union or Fibre Financial Group Retirement and Investment Services. Securities and insurance offered through LPL or its affiliates are:
The sender 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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