EXAMPLE FOUR - Estate & Legacy Planning
Mr. & Mrs. J - Ages 82 & 80 of Beverly Hills, California.
Having a considerable home equity valued at $16 Million, Mr. & Mrs. J were concerned about leaving a Legacy to their children and favorite charities. Mr. J spoke to the Charitable Plan Giving Director at his university. They just recently adopted the "Home Equity Legacy Plan" for Alumni Giving Program.
Learning about the benefits, Mr. J immediately called his Estate Planning Attorney to meet with him and the Plan Giving Director of the college to discuss the implementation and how it can benefit both his family, college, and other favorite charities. The outcome of these discussions solved a number of major concerns for Mr. & Mrs. J.
A Reverse Mortgage based on the Home Equity value of $16 Million created a $6 Million Tax Free Lump Sum enabling Mr. & Mrs. J to do the following:
- Charitable gifts of $3 Million giving them recognition during their lifetime (not after death).
- Providing their children with a Legacy of $12 Million Tax Free through the purchase of a Life Insurance Trust.
