Many producers tell me that they don't utilize charitable giving concepts in their wealth planning. ?This is likely because they don’t ask clients about their charitable goals.
“Do you have a favorite charitable cause?” is such a great question to include in your fact-finding. ?“What charities do you favor?” is the obvious follow-up question for those with charitable motivations.
You will probably find that a significant majority of your prospects and clients do have one or more favorite charitable causes, and the answers to the two questions are valuable to tuck away for possible use as you pursue suitable wealth planning strategies.
One of the simplest yet very dramatic wealth planning concepts involves those who have IRAs and are typically age 50 and older. ?Steve Savant and Don Prehn have produced an excellent video on this subject that can help you understand the power of a concept called Charitable IRA, an irresistible planning strategy that features unique insurance sales.
You can view their 8-minute video below which examines this concept for Harold and Martha Fontaine, age 65 and 60, who have a current net worth of a little over $5,500,000 which includes an IRA with a value of $1,000,000. (The strategy works for an IRA of any amount.)
If you’d like more background and details on the impact of this approach on the Fontaine’s long-range net worth, wealth to heirs, and results for their favorite charity, review my Blog #55: Charitable IRA.
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