Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 8476 GoodLifeFamilyMag.com NOVEMBER | DECEMBER 2016 continued from LifeInsuranceWhileYou'reStillLiving | Page 56 Even families with above average resources will see a rapid depletion of their hard-earned assets when dealing with long-term care requirements.” That can be sobering, but he has also seen that “…an investment in a quality long-term care product today will greatly assist with future challenges and tough decisions which lie ahead.” Bobby Davidson, local, independent insurance agent, calls the newer universal life policies a “fantastic hybrid” between traditional term-life policies and long-term care policies. Make sure you consult a professional like Bobby to find the right policy that offers a long-term care rider if you’re considering this for yourself or a family member. The key is to consult a professional to make sure you get the right product. Colin agrees. “Review the terms of any long-term care policy closely, and be sure you understand the terms and conditions. Some policies have maximum lifetime benefits, where they pay for a maximum dollar amount of care. Other policies have benefit periods, where they only pay benefits over a set period of time. Some others only pay for facilities, and do not cover services in your home. You can even have an attorney review it for you. If it doesn’t cover what you need when you need it, it may be too late to get something else.” Kevin Margolis of SFMG Wealth Management adds, “You don’t have to necessarily insure everything. You may just partially insure the cost.” Whatever you can do to lessen the burden later on is beneficial. The reality is that almost 70% of those turning 65 will need long-term care at some point in their lives. You can make that process less scary for you and your family members by taking matters into your own hands now. Sources: Bobby Davidson, Davidson Insurance Services bobby@davidsonservices.com | 972.980.4884 Colin Smith, Colin Smith Law Colin@colinsmithlaw.com | 972.773.9095 Chuck Cowell, Guaranty Bank & Trust ccowell@gnty.com | 214.223.3581 Kevin Margolis, SFMG Wealth Management kevin@sfmg.com | 972.960.6460 “Long term care facilities in the metroplex can cost over $6,500 per month." - Colin Smith, attorney, Colin Smith Law "Newer universal life policies a“fantastic hybrid”between traditional term-life policies and long- term care policies." - Bobby Davidson, insurance specialist, Davidson Insurance Services “You don’t have to necessarily insure everything. You may just partially insure the cost.” - Kevin Margolis, financial strategist, SFMG Wealth Managers continued from CharitableGiving | Page 55 done properly, they do not incur capital gains taxes amongst inter- trust asset transfers, and they give you a tax deduction. As an example, a charitable remainder trust can pay you and your heirs income over a period of time with the remainder going to your charity of choice. You get an immediate tax deduction for placing assets in trust, and since it is a gift, it can help you avoid estate tax since the assets are no longer part of your estate. It does not count against your estate for tax purposes because the beneficiary is a charity. Let’s assume you have a piece of real estate worth $1,000,000 that you originally paid $100,000 for. If sold, you would be liable for capital gains on $900,000. A charitable remainder trust that holds the real property can avoid those capital gains taxes. Regardless of how you give assets to charities, here are a few practical considerations: • Consult with the charity and ask how the assets would be used. When you make a donation, you can specify what you want the assets to be used for. • Have a backup charity. Charities can fail over time, lose their tax exempt status, or become mired in accusations of wrongdoing. • Consult with your estate attorney or tax professional to ensure that you’re reaping the maximum tax benefit for your philanthropy. As with anything in estate planning, don’t delay. Most charities are grateful for any amount, no matter how small. Is it possible to give to charity without jeopardizing your income needs in retirement? Yes, it is.