Meet Phyllis. She wants to give to her favorite charity and receive a tax benefit for her contribution.
The problem? Since the changes to the tax laws, specifically around itemized deductions, her yearly contributions aren’t enough to help with reducing her taxes now. To gain tax advantages for charitable giving, clients like Phyllis can make a single contribution greater than the standard deduction and itemize it.
Her financial professional recommends that Phyllis contribute to her favorite charity by purchasing an accumulation VUL policy with the charity as owner and beneficiary. This allows her to create a larger gift with a smaller financial contribution and get the tax advantage of a full charitable deduction.
See how your clients can give and receive with a smart gifting strategy.
Start a conversation
If your clients would like to benefit from their philanthropy, ask them:
- Would you like to be able to support an organization that you’re passionate about?
- Would you like to give to your favorite charity and gain tax advantages?
- Do you want to be able to create a larger gift with a smaller financial contribution?
See how it works