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Gifts of Insurance - WTF? (Where’s The Fundraising?)
Presenter: DeWayne Osborn, Cardinal Capital Management
For centuries (ok, decades), life insurance products have been, and continue to be, a large tool for advisors to “fix” high net worth people's issues. In my experience, the motto: where there is a problem, there is a life insurance product to solve, has rung true for many situations. What is the appeal of insurance? While there are many facets to insurance that are appealing (eg tax-free death benefit, tax-free growth), this same complexity can also be detrimental to a charity when used for gifting. The charity that is not fully prepared to own this property can end up investing hundreds of thousands of dollars for a death benefit windfall that may never happen- funds that are lost to the sector forever. Remember, the regulator is watching and will act if everyone is not careful!
This session will discuss trends in the gifting of insurance, red flags, things that a small charity needs to consider before accepting a policy, and how to effectively review contracts to ensure that the death benefit will be received.
