Retained Life Estate
“Every Man Must Decide Whether He Will Walk In The Light Of Creative Altruism Or In The Darkness Of Destructive Selfishness.” – Martin Luther King Jr.
Retained Life Estate
Donations offered to charity can be in the form of money or even in the form of personal property. If you’re considering donating more, a retained life estate policy might be the best option for you. Given in the name of the Lord, your charitable donation will play a pivotal role in allowing Centurion Education Foundation to continue on its quest to spread the word of Gospel across the United States and the world.
How Does a Retained Life Estate Work?
By utilizing a retained life estate policy, you are effectively donating all the future in the chosen house, farm or other form of property such as a vacation home to your chosen charity. However, you still get to retain the right to live in the donated property for a set number of years or for the rest of your life. Details vary based on the kind of policy you are opting for.
While you’re exercising your right to remain at the property, you will continue to uphold the responsibility for all the routine expenses that are associated with the property. These include insurance fees, maintenance costs, property taxes and others like them. In the event that you’re vacating the property, you can easily rent it out in cooperation with the charity organization it is being donated to. Once the retained life estate policy comes to an end, or it is terminated by you, the organization will resume control of the property or utilize it in a manner as dictated by you.
Donating Through Irrevocable Life Insurance Trusts (ILIT) Wealth Replacement Trusts
If you’re not interested in retained life estate policies, you can also make donations with the help of an irrevocable life insurance trust – ILIT. Also known as a wealth replacement trust, it is partially or completely funded by the proceeds of your life insurance. Proper structuring can enable you to find this tool particularly effective in planning the distribution of your estate.
It also allows you to bypass various problems such as avoiding a transfer that skips a generation-skipping, estate taxes and more. It also gives you better liquidity in your assets by allowing you to continue with the payment of debts, taxes and expenses. With the help of a wealth replacement trust, you can also safe guard various assets from estate creditors’ claims by passing them off as trust assets. In this manner, you can provide for your family and any other charities that you’re hoping to donate to.
We Can Help
Want more information or are wondering how you can donated to the Centurion Education Foundation through wealth replacement trusts or retained life estates? Call us now to talk to us by using the following details:
Call the Centurion Education Foundation the foundation for more information. Your call is confidential and your gift will greatly impact the kingdom of God.
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Disclaimer: Per the FL Financial Services Commission, and the IRS, Dr. Andrew Knight, as a FL licenses, Health, Life & Variable Annuities, may not participate in any commissions or referral fees, relative to the Centurion Education Foundation.