CNO Charitable Wealth Planning

CNO Financial Group's Charitable Wealth Planning program offers a unique approach to wealth management, helping individuals and families make a lasting impact on causes they care about while managing their financial future.

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What is CNO Charitable Wealth Planning?

CNO Charitable Wealth Planning is a specialized service that helps people give to charities in smart, strategic ways. It's not just about writing a check to your favorite cause. Instead, it's about creating a plan that benefits both you and the charities you support.

Here's how it's different from regular wealth planning:

• Focus on giving: While traditional planning is all about growing your wealth, charitable planning also considers how to use that wealth to help others.
• Tax strategy: It looks for ways to give that can also reduce your taxes.
• Long-term impact: The goal is to create a lasting legacy of giving that continues even after you're gone.

Benefits of CNO Charitable Wealth Planning

Choosing to include charitable giving in your financial plan can bring several advantages:

1. Tax benefits: Donations can often be deducted from your taxes, potentially lowering your overall tax bill.
2. Legacy creation: You can establish a tradition of giving that your family can continue for generations.
3. Social impact: Your contributions can make a real difference in causes you care about.

One of our clients, Sarah, shared her experience: "I always wanted to give back, but I wasn't sure how to do it effectively. CNO's Charitable Wealth Planning helped me set up a strategy that not only supports my favorite environmental causes but also provides tax benefits for my family."

Key Components of CNO's Charitable Wealth Planning

CNO's program includes several tools to help you give effectively:

Donor-Advised Funds

Think of a donor-advised fund (DAF) as a charitable savings account. Here's how it works:

• You contribute money or assets to the fund.
• You get an immediate tax deduction for your contribution.
• The money grows tax-free in the fund.
• You can recommend grants from the fund to charities over time.

Charitable Trusts

Charitable trusts are more complex but can be very powerful tools for giving. There are two main types:

1. Charitable Remainder Trusts (CRTs): You transfer assets to the trust, receive income for a period of time, and then the remainder goes to charity.
2. Charitable Lead Trusts (CLTs): The charity receives income from the trust for a set period, and then the remaining assets go to your beneficiaries.

Estate Planning Strategies

CNO also helps you include charitable giving in your estate plan. This might involve:

• Naming charities as beneficiaries in your will
• Setting up a private foundation
• Using life insurance policies to make larger gifts

For those interested in learning more about estate planning, our article on creating a legacy: how to preserve your loved ones' memory offers additional insights into leaving a lasting impact.

How CNO Assists Clients with Charitable Wealth Planning

CNO's approach to charitable wealth planning is personalized and comprehensive. Here's what you can expect:

1. Initial consultation: A CNO advisor will meet with you to understand your financial situation and charitable goals.
2. Strategy development: Based on your needs, they'll create a customized plan that balances your giving goals with your financial needs.
3. Implementation: CNO will help you set up the necessary accounts or trusts and guide you through the process of making your first contributions.
4. Ongoing support: Your advisor will continue to work with you, adjusting your plan as your circumstances or goals change.

John, a retired teacher, shared his experience: "I was worried that giving to charity would mean less for my grandkids. But my CNO advisor showed me how I could do both. Now I'm supporting scholarships at my old school and still providing for my family's future."

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Strategies for Maximizing Charitable Impact

To get the most out of your charitable giving, consider these expert tips:

1. Timing of donations:

   • Give appreciated assets (like stocks) instead of cash to avoid capital gains tax
   • Bunch multiple years of donations into one year to exceed the standard deduction threshold

2. Asset selection:

   • Donate long-term appreciated securities for maximum tax benefits
   • Consider giving real estate or business interests for larger donations

3. Leverage corporate matching:

   • Check if your employer offers matching gifts to double your impact
   • Some companies even match donations made by retirees

Remember, the goal is to maximize both your charitable impact and your financial benefits. As Maria, a CNO client, puts it: "I never knew my modest donations could grow so much. By using CNO's strategies, I've been able to give more than I ever thought possible to my local food bank."

Challenges and Considerations in Charitable Wealth Planning

While charitable giving can be rewarding, it's important to be aware of potential challenges:

• Regulatory compliance: Tax laws around charitable giving can be complex and change frequently
• Family dynamics: Involving family members in charitable decisions can sometimes lead to disagreements
• Balancing needs: It's crucial to ensure your own financial security before committing to large charitable gifts

To navigate these challenges, CNO advisors work closely with clients' legal and tax professionals. This collaborative approach ensures that charitable plans align with overall financial and estate planning goals.

The Future of Charitable Wealth Planning at CNO

As the world of finance evolves, so does CNO's approach to charitable wealth planning. Here are some trends we're watching:

1. Impact investing: Aligning investments with charitable goals for a double bottom line
2. Digital platforms: Using technology to streamline giving and provide real-time impact reports
3. Global giving: Expanding options for international philanthropy

Impact Investing

Align investments with charitable goals

Digital Platforms

Streamline giving with technology

Global Giving

Expand international philanthropy options

CNO is committed to staying at the forefront of these trends, ensuring clients have access to the most effective charitable giving strategies.

Conclusion: Making Your Mark Through Strategic Giving

Charitable wealth planning with CNO offers a powerful way to make a lasting impact on the causes you care about while also managing your financial future. By combining expert financial strategies with a passion for giving, you can create a legacy that extends far beyond your lifetime.

Whether you're just starting to think about charitable giving or looking to enhance your existing philanthropic efforts, CNO's Charitable Wealth Planning can help you achieve your goals. By taking a strategic approach to giving, you can maximize your impact and create a lasting legacy of generosity.

For those interested in exploring other aspects of financial planning, our article on why you shouldn't automatically stick with a car brand you know offers insights into making smart financial decisions in other areas of life.

Remember, charitable giving isn't just for the wealthy. With the right planning and strategies, anyone can make a meaningful difference. Start your journey towards impactful giving today and discover how you can change lives while securing your financial future.