The Power of Gifting. Presented by: Presenter Name Company Name Date
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1 The Power of Gifting Presented by: Presenter Name Company Name Date
2 The Power of Gifting Many affluent clients express a desire to provide for their loved ones after they are gone. By establishing a lifetime giving program, a donor can have greater privacy while making gifts, and ensure that the gifts are not subject to the probate process a process that can delay the transfer of assets to heirs at the donor s death. It is also possible to leverage lifetime gifts with life insurance on the donor s life to increase the amount of the gift. If estate taxes are a concern, an Irrevocable Life Insurance Trust (ILIT) can remove the life insurance from the donor s estate. 1
3 Tax Benefits of Lifetime Giving Annual Exclusion Gifts. The gift tax annual exclusion is the maximum amount which a taxpayer can gift each year to any beneficiary without being required to use his or her lifetime exemption amount from gift tax. If gifts are limited each year to this annual exclusion amount, the person making the gift is not required to file a gift tax return, and no gift taxes will be due. The amount of the annual exclusion in 2015 is $14,000. The gift tax annual exclusion amount may be adjusted annually based on cost-ofliving increases in the Consumer Price Index. Lifetime Gift Exemption. In addition to the annual exclusion, each person can also gift their lifetime exemption. The American Taxpayer Relief Act of 2012 enacted a permanent set of estate, gift and generation-skipping transfer (GST) tax provisions with the lifetime exemption set at $5.43M for 2015 (indexed annually for inflation). 2
4 Gifting and Life Insurance Gifting and life insurance are a particularly powerful combination. If life insurance is owned by an ILIT, the trust will generally receive the policy death benefit free of estate and income tax. You can make annual exclusion gifts to an ILIT, up to the number of trust beneficiaries who are given Crummey rights of withdrawal. If the trustee uses the gift dollars to purchase life insurance, the death benefit to the heirs often can be substantially leveraged as compared to the value of the original gift. 3
5 The Economics of Life Insurance Assumptions: Mrs. Doe Age 57, Mr. Doe Age 56 Preferred Best Underwriting Class $74,750 Annual Outlay $10,000,000 Face Amount Super Preferred Underwriting Class 6% Pre-Tax Rate of Return 28.3% Effective Income Tax Rate 40% Effective Estate Tax Rate Economics: Hypothetical After-Tax Earnings Year End Balance In Estate Year End Balance Out of Estate Death Benefit Out of Estate 4
6 Ages Economics Please see page 15 for asterisk explanations. 5
7 Economics, continued Please see page 15 for asterisk explanations. 6
8 Economics, continued Please see page 15 for asterisk explanations. 7
9 IRR Note: The carrier illustrated is Prudential. Prudential will not display an IRR on the Death Benefit for the first five years. * (1) Please see page 15 for an explanation of these symbols. 8
10 IRR, continued * (1) Please see page 15 for an explanation of these symbols. 9
11 IRR, continued * (1) Please see page 15 for an explanation of these symbols. 10
12 IRR, continued * (1) Please see page 15 for an explanation of these symbols. 11
13 Estate Tax Savings 12
14 Estate Tax Savings, continued 13
15 Benefits of Annual Gift Exclusion 14
16 Symbol Explanations Pages 5-7 * In Estate: The value of an asset reduced by the assumed effective estate tax should death occur. ** Out of Estate: The value of an asset held outside of the estate in a trust or similar strategy which would not be subject to the assumed estate tax should death occur. Pages 8-12 < Indicates the No-Lapse Guarantee will be in effect for the entire policy year. Ask AgencyOne for additional information regarding the About PruLife Universal Protector Section. Prudential does not display the Internal Rate of Return on the Death Benefit for the first five years. The IRR does not reflect the effects of income taxes. The hypothetical account is for illustrative purposes only and does not represent any investment available on the market. (1) Prudential does not display the IRR on the Death Benefit for the first five years. The IRR reflects the effects of income taxes. As illustrated the IRR assumes an annual tax rate of 35.00%. The hypothetical account is for illustrative purposes only and does not represent any investment available in the market. Results labeled as non-guaranteed are not guaranteed. They are based on assumptions that are not likely to continue unchanged in future years and are subject to change by the insurer. Actual results may be higher or lower. 15
17 Presenter Name Company Name Company Address Company Phone Number AgencyONE Presenter Rock Spring Drive Suite 450 Bethesda, MD Products and programs offered through [Company Name] are not approved for use in all states. This is prepared for general information and education. No attempt is made to offer tax or legal advice or to set forth solutions for individual circumstances.
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