Steven Camele understands why many people are hesitant to tackle estate planning. We鈥檇 much rather think about our plans for life than dwell on what the world will look like after we鈥檙e gone. But avoiding planning doesn鈥檛 stop the inevitable from coming, and talking with your loved-ones and your advisor ensures that your wishes and your loved ones are taken care of after you鈥檙e gone.

鈥淚t鈥檚 my job to ask questions, broaden the conversation, and find out what鈥檚 important to you,鈥� says Camele, an insurance planner at G&F Financial. 鈥淲hen estate planning, many people think about tax strategies and the money they鈥檙e leaving to family, but they forget about . If it鈥檚 something they care about, we can create a plan that encompasses all of their passions.鈥�

Giving to charity through the gift of life insurance

One of Camele鈥檚 clients is in her 80s. She鈥檚 spent her retirement donating her time to a charity she cares deeply about, so Camele suggested to donate money after she鈥檚 gone.

鈥淢ost of us donate to charity when asked 鈥� when your child or co-worker is doing a fundraiser 鈥� but when you鈥檙e purposeful with planning, your donation can have a bigger impact. It鈥檚 more beneficial for the charity, and for you,鈥� Camele says.

is a great option for many.

• The proceeds from a life insurance policy can be larger than a simple cash donation. A 60 year old couple putting $500 aside each month for charity can either put that money into an investment or towards premiums for an insurance policy. After 20 years, the charity will receive 41 per cent more from the insurance policy than from the average investment.
• Simple, fast, confidential. Settling a Will can take years, and details become public knowledge. If you name a charity as beneficiary on a life insurance policy, it鈥檚 processed in a few weeks and details can be kept completely private.

Another option is to take out a new policy in the name of the charity or transfer ownership of an existing policy to a charity. Premiums can then be tax deductible, or your executor can apply the lump sum of your donation to estate taxes to ensure more of your wealth goes to the people you love.

鈥淚f you鈥檙e interested in adding a charity as a beneficiary to a life insurance policy or taking out a policy in the name of a charity, it鈥檚 essential that the donor, the charity and the advisor work together. Not all charities may be able to accept this kind of donation 鈥� so first check that the charity is equipped to handle the documentation and long-term scope,鈥� Camele says. 鈥淭he important thing is to give it consideration, and then start the conversation with your advisor.鈥�

Include the 91原创 Memorial Hospital Foundation in your Will

Talk to your financial advisor about donating a gift of life insurance as part of your estate plan.

To learn more about estate planning, join a on Thursday, October 7, hosted by 91原创 Memorial Hospital Foundation.

To RSVP or to learn about Legacy Giving and including in your Will, contact Lisa Rosales at 604.533.6420 or lisa.rosales@lmhfoundation.com.