(604) 575-7900 lylek@konnerfinancial.com

Forgotten Assets

Forgotten Assets

When I am helping clients plan for retirement or their estate needs I often come across “old” life insurance policies that were issued in the 1950’s, 60’s or 70’s. They were either bought by the client, the parents or grandparents for them. (yes, people do buy life insurance for the kiddies!).

Back in the day, these were large amounts of $1,000, $5,000 or $10,000. Today, the values do not mean as much. I have deemed these old policies “FORGOTTEN  ASSETS” as they pretty much just sit on the shelf collecting dust. However, we have a way to turn these Forgotten Assets into VALUABLE ASSETS for charities.

Basically, the client transfers ownership to their favourite charity, the charity issues a tax receipt to the amount of “cash” value of the policy. The client has a tax receipt, the charity then cashes out the policy and has money to put to good use. In fact, some charities are able to obtain grants of up to 1-2x the cash value to further enhance their good deeds. If you have a FORGOTTEN ASSET you may want to call me to help you leave a lasting legacy!

Forgotten Assets