Estate planning

Leaving a Legacy

When you calculate the value of your estate, you may find that life insurance and/or retirement plan assets make up a large part. As you review your estate and financial plans, consider turning such assets into convenient, tax-wise ways to make charitable gifts.

Amounts remaining in Individual Retirement Accounts (IRAs) and other qualified pension fund accounts can be subject to double taxation at death. These assets may not only be included in your taxable estate, but heirs generally will also have to pay income tax on what remains after estate taxes have been paid. The result: Total taxes of 70% or more, with a very small percentage of the funds left to your loved ones. For this reason, you may want to consider using all or a portion of remaining pension funds at death to satisfy your charitable wishes.

Life insurance purchased to protect a spouse or children may no longer be needed for that purpose, yet it increases the size of a taxable estate. Consider adding "new life" to your insurance by making a charitable gift through your estate most cases it involves merely a change of beneficiary form. Check with your advisors.

For further information please contact:

1636 Sansom Street
Philadelphia, PA 19103
Phone: 215-636-9872
Fax: 215-636-9873

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