Charitable planning with life insurance, federally extended giving incentives, nonprofit needs during the pandemic, and more
Jeri Turley, Winged Keel Group
Charitable planning with life insurance
Key Takeaways:

  • Life insurance is an effective and convenient asset to give to a charity of your choice.
  • There are various methods for making life insurance donations; each method has unique advantages.
  • Gifting a life insurance policy can reduce the donor's taxable estate.
  • Naming the charity of your choice as the beneficiary of your life insurance policy is the simplest way to provide a charity with the death benefit proceeds from a policy.

I have long admired the Albert Pike quote, “What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal.” As a life insurance advisor, I am often asked if charitable giving and life insurance intersect. The answer is that life insurance has become a go-to solution for donors who want to give with lasting impact.

A gift of life insurance can represent a substantial future gift to a charity (or charities) at relatively little cost.   Donors who wish to leverage cash donations to charity can use life insurance to accomplish their goals through a variety of strategies. Some of the most common include: naming a charity as beneficiary, policy donations, and purchasing a new policy with the charity as owner and beneficiary.

Click below to view the full article, which provides more detail on these strategies as well as a case study that illustrates how your clients may use this option in partnership with the Community Foundation.
Jeri L. Turley is a Principal at Winged Keel Group and leads the firm’s Richmond and Washington, D.C. offices, where she works closely with ultra-affluent families, their business, and their advisors throughout the wealth accumulation and wealth transfer process. She also serves as Chair-Elect of Finseca, the leading organization for the financial security profession, on the Board of Directors of M Financial Holdings, Inc., and is a member of the Estate Planning Council of Richmond and supporter of the Community Foundation for a greater Richmond . 
Congress extends charitable giving incentives 
As your clients reboot after a wild 2020, now is a great time to address their charitable giving plans for 2021. COVID-19 has proven to be a marathon, not a sprint. Nonprofit organizations will be relying on the generosity of donors for the foreseeable future to stay afloat and serve the people who need their programs.

Keeping our community strong: Your role is
COVID-19 has significantly impacted nonprofit operations across the country and hampered nonprofits’ ability to help their communities during a crisis in which millions of people are in need. The National Council of Nonprofits reports widespread damage to nonprofits’ programs, services, supplies, staffs, and budgets due to the pandemic and current economic challenges. This means nonprofits need philanthropic support now more than ever.

Skills Connect

We know that professional advisors often search for ways to volunteer their time and skills to benefit our community. To connect skilled volunteers with impactful volunteer opportunities led by local nonprofits, the Community Foundation has launched a pilot of Skills Connect. 
Customized Presentations

We are eager to share more about how we partner with professional advisors to serve clients with an interest in philanthropy. Let us know if you are interested in scheduling a personal meeting or customized presentation for your firm.
Community Foundation Professional Advisor Council

Farhad Aghdami, Williams Mullen | John Bristow, Armstrong Bristow | Jen Flinchum, Keiter | Wendell Fuller, Fuller Wealth Advisors | Tim Guare, Timothy H. Guare, PLC | Chase Hill, Heritage Wealth Advisors | Julian Hillery, Davenport | Elizabeth Hopkins, Thompson, Siegel, & Walmsley | Kevin King, SBK Financial | Michele McKinnon, McGuireWoods | Phyllis Mutchnick, Wells Coleman | Ann Ramage, Keiter | Newnie Rogers, Virginia Estate & Trust Law | Bryan Stark, TCV Trust & Wealth Management | Jeri Turley, Winged Keel Group | Logan Waters, Waters Wealth Consultants | Madison Wootton, BB&T Scott & Stringfellow | Tom Word, Virginia Estate & Trust Law | Bucci Zeugner, Davenport