Tag: Legacy Planning

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Unlocking Retirement Income with Life Insurance: An Integrated Approach to Investments and Insurance (Ep. 42)

Unlocking Retirement Income with Life Insurance: An Integrated Approach to Investments and Insurance (Ep. 42)

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Think life insurance is only useful during your working years? Think again.

Gone are the days when life insurance was merely a conservative way to protect against pre-mature death; welcome to the era where it's a cornerstone of savvy retirement planning.

Learn how banks and corporations harness the power of life insurance, not just for risk management, but as an asset replenishment tool.

But here’s the twist – what if you could apply some of these heavyweight strategies to your own Retirement planning?

In this eye-opening episode, host Jim McGovern guides us through a vivid journey using simple yet powerful analogies of how life insurance can help you rethink, retool, and revitalize your retirement income plan with insights that could dramatically enhance your retirement income and legacy.

Key Highlights:

  • Life Insurance Repurposed: Learn how life insurance shifts from Income Replacement during working years to Asset Replacement in retirement years.
  • Corporate Life Insurance Lessons: Discover how corporations and banks use life insurance for key personnel, cash value as an asset class, and a cost recovery tool.
  • The Four Tasks of Retirement Assets: An investment only retirement approach may limit income by forcing too many tasks on your investment dollars.
  • Visualizing Your Retirement Strategy: Jim brings financial concepts to life with analogies of buckets, faucets, and garden hoses, making the complex interplay between life insurance, investments, and annuities crystal clear.
  • Charitable Planning Enhanced by Life Insurance: Understand how life insurance can support charitable giving while safeguarding family wealth and offering tax perks.
  • Life Insurance Uses During Recessions: See how life insurance provides a reliable financial safety net during economic downturns.
  • And much more!

Resources:

Connect with McGovern Wealth Group:

Podcast: Play in new window | Download (Duration: 23:22 — 21.1MB) | Embed

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Philanthropy Unboxed: Smarter Ways to Make a Lasting Difference with Kate McKenzie, CAP® (Ep. 36)

Philanthropy Unboxed: Smarter Ways to Make a Lasting Difference with Kate McKenzie, CAP® (Ep. 36)

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How can you make a lasting impact on the causes you care about most? Find out how to create a philanthropic plan that can span generations while also helping to pass on your values to your kids and grandkids. 

Join host Jim McGovern as he sits down with Kate McKenzie, the Senior Director of Development at The Pittsburgh Foundation. They open the charitable giving toolbox and unveil lesser-known paths to philanthropy. From simply writing checks to establishing a donor-advised fund, a charitable trust, or a private foundation, this episode will reshape how you view giving.

In this engaging episode, Jim and Kate discuss:

  • Why higher income and higher net worth families are motivated to be philanthropic.
  • How to incorporate charitable giving strategies as your net worth grows.
  • The transformative potential of Donor-Advised Funds (DAFs) in legacy planning
  • How to optimize tax benefits and retirement planning for greater charitable influence
  • Innovative ways to use your IRA or life insurance for charitable causes
  • Why philanthropic planning should involve your team of professionals
  • And plenty more insights!

Connect with McGovern Wealth Group:

Connect with Kate McKenzie:

About Kate McKenzie:

Kate has cultivated relationships with donors and their advisors, understanding how important the value of trust is when individuals and families are making current gifts or setting up legacy plans. She is trained in the 21/64 methodology for facilitating multigenerational meetings with families to define and implement their philanthropic goals. Kate works with trusted advisors to help donors meet their charitable goals and has spoken at numerous national and regional conferences about innovative methods for bringing professional advisors and clients together to develop charitable giving strategies.

Before joining the Foundation, Kate worked in higher education, with part of her focus on raising major gifts, specifically endowed scholarships. She earned her doctorate in information systems and communications. Her research explored fundraisers’ perceptions of social and professional media for prospect research purposes. She has a Master of Science in organizational leadership from Robert Morris University and a Bachelor of Arts in public relations from Westminster College. Kate is a graduate of Leadership Pittsburgh Inc.’s Leadership Development Initiative Class XXIII and is also a member of boards of HEARTH and the Estate Planning Council of Pittsburgh. Kate is a life-long athlete, a five-time marathoner and a mom.

Podcast: Play in new window | Download (Duration: 36:39 — 33.6MB) | Embed

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