Many individuals have realized their charitable aspirations by donating a life insurance policy to the charity of their choice. In situations where that donation is a Universal Life policy, the use of a Shared Ownership strategy could prove to be a viable investment for the donor.
Shared Ownership refers to an arrangement involving cash value life insurance policies such as Universal Life. Universal Life combines life insurance with an investment fund which grows tax deferred until the cash value is withdrawn. If the cash value is paid out at death, the growth is tax free.
Under Shared Ownership, the life insurance and the cash value would have different owners and beneficiaries and would be structured as follows: Read more
The season of giving is upon us, and I wanted to share this article from the Globe and Mail that talks about how we can encourage our children to be become charitable people.
This is also an opportunity for us at Wiffen Financial to send the warmest Christmas wishes to you and yours. We thank you for your business, and look forward to a successful 2017 for all.