Giving back starts with one person. But soon, it becomes a wave that lifts others up. Their efforts make it even more robust and broader, lifting even more. The impact of that person, that one act in that moment, touches many others, initiates additional acts, and alters the course of life for the better.
During the panel on Empowered Charitable Giving, sponsored by Prudential, panelists discussed the power of giving back and the most effective ways to do so.
Key Takeaways:
- Start with "You" and "Why" - Align your giving with your values. Focus on what you're truly passionate about to create more meaningful and impactful contributions.
- Consider Creative Giving Strategies - It's important to look beyond cash donations. Innovative ways to give, such as volunteering professional skills or engaging in cause marketing partnerships, can make a significant difference.
- Build True Partnerships - Effective philanthropy involves collaboration and open communication between donors and nonprofits to amplify the impact on both sides.
- Magnifying Your Impact with Life Insurance - Life insurance can magnify your efforts and those of the organization. It's important to understand the potential life insurance offers as a charitable gift. One key reason to make a charitable gift using life insurance is that it may allow you to give a greater amount than you may have been able to otherwise. Additionally, if appropriately structured, the charitable gift of life insurance can result in income, gift, and estate tax deductions*. Life insurance can provide substantial deferred endowment funds to support the charity's* future endeavors.
Panelists include:
- Karen Hofmann: Vice President, Advanced Planning, Prudential
- Melanie Ulle: CEO and Founder of Philanthropy Expert
- Kendra Jeffreys: Executive Director, Friends of Refugees
- Denise Smith: Certified AI Strategist and Chair of WPO Atlanta III Chapter, Panel Moderator
Want to Know More?
Watch the full panel discussion recording here.
To learn how to take advantage of Prudential’s resources for WPO members, email us at wpo@prudential.com, or to learn more about the WOW program for WPO members, visit prudential.com/wow.
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*For estate tax purposes, once a completed gift is made to a charity, the gift, whether that gift is an entire policy or just the death benefit, will not be included in your estate at your death unless you die within three years of the transfer. However, should death occur during this three-year period, the gift will be included in your estate, but this inclusion is offset by an estate tax charitable deduction for the amount of the death benefit going to the charity. Please discuss with qualified tax and legal advisors to determine how this may apply to your situation.
*Donors and charitable organizations should be aware that loans and withdrawals from cash value life insurance policies will reduce cash values and death benefits, may affect any guarantees against policy lapse, and may have tax consequences.
Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates.
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