I give to charity already but this, in theory, significantly increases how much you can contribute and at the same time significantly reduces your tax burden. This is why this strategy is attractive to me. I am just trying to figure out if this is a long term financially responsible decision or not.This is the trouble ^^^.
I would have to get whole life insurance to finance this which they help you set up.
If you don't need whole life (which I'm guessing you don't) then this (almost certainly) just adds an insurance salesman's commission into the mix.
If you can afford to give to charity now, while you're alive, great, do that. You can bunch deductions into every other year, or every third year if that helps you meet the itemized deduction threshold.
If you cannot afford to give the money now, then don't, just establish a charity as a beneficiary on one of your accounts if you want.
Regards,
Statistics: Posted by PCI2LAD — Fri Jul 05, 2024 1:20 am — Replies 12 — Views 580