I am paid a W2 employee and have been looking online for any tax strategy that's available to reduce my tax burden.
I have recently come across charitable finance strategy from a company called Wealth Excel. Basically my understanding is that you finance your donation to a charity via a lender. You get the receipt to show the IRS for donation and you can take a tax deduction on it. The way the lender gets paid back is from your death benefit in a life insurance once you pass away.
The company's website has a pro-forma and case study on their website and seems legit.
I would have to get whole life insurance to finance this which they help you set up. Is this a viable strategy? Is there anything wrong with using yorur death benefit as a collateral?
What am I missing here? What are the pros and cons? Can someone explain this to me with numbers?
I have recently come across charitable finance strategy from a company called Wealth Excel. Basically my understanding is that you finance your donation to a charity via a lender. You get the receipt to show the IRS for donation and you can take a tax deduction on it. The way the lender gets paid back is from your death benefit in a life insurance once you pass away.
The company's website has a pro-forma and case study on their website and seems legit.
I would have to get whole life insurance to finance this which they help you set up. Is this a viable strategy? Is there anything wrong with using yorur death benefit as a collateral?
What am I missing here? What are the pros and cons? Can someone explain this to me with numbers?
Statistics: Posted by PCI2LAD — Thu Jul 04, 2024 7:22 pm — Replies 10 — Views 446