Estate Gifts

 

Will or Living Trust

    • Assets remain under your control during your lifetime.
    • Modify bequest if circumstances change.
    • Direct bequest to a particular purpose.
    • No upper limit on estate tax deductions taken for charitable bequests.

 

Life Insurance

    • Ownership of paid life insurance policy is transferred to PVI, who either chooses to cash in the policy or hold the policy and receive the death benefit later.
    • Receive gift credit and immediate income tax deduction for the cash surrender value of the policy.

 

Retirement Plans

    • Name PVI beneficiary of your IRA, 401K, or other qualified plan
    • Residual of your IRA, 401K, or other qualified plan passes to PVI upon your death.
    • Escape both income AND estate tax levied on the residual left in your retirement account by leaving it to PVI.
    • Continue to take withdrawals during your lifetime.
    • Change your beneficiary if your circumstances change.
    • Elect to leave retirement plan assets to PVI through your will or revocable trust instead.