The Senior Forum - December 2011

‘Tis the Christmas Season… The Gift for Giving!                   In this tight local economy, it pays to “think outside the box” this  Christmas and think creatively for gift giving. Kahil Gibran says it best: “When you  give of yourself, you truly give.”

            My mother definitely followed this premise when she gave me a very special gift that I didn’t receive until I was 18 years of age.  She gave me the…..Gift of Life Insurance!   I didn’t realize the significance of the monthly visit from the insurance man until I received the gift of the cash value years later.  Mom’s payments over the years made it possible for me to use the life insurance cash value to pay for college and my wedding.    Little did I realize how that one special gift of love and thoughtfulness from my mother in the form of a whole life insurance policy would mean so much to me and my future.   At Milestone, we continue to encourage newlyweds, grandparents and parents to continue that tradition of giving the gift of tax-free cash value life insurance to their loved ones as a Christmas Gift or on any special occasion. 

            You may have money put aside for your children or grandchildren in one of your Savings, Annuities, or Brokerage Accounts.   Did you know that you also can give gifts away of money or property – Tax Free?   You are able to give away money or property in the form of a gift without being taxed.  These gifts will be nontaxable as long as they are below the 2011 gift tax limit of $13,000 to each individual you choose to gift for each calendar year.   If you are married, you may gift $26,000 per each calendar year.  There is a lifetime limit of $5 million for 2011 tax year allowable by the IRS.   If you are the recipient of the gift, then you will not need to report this on your tax return as long as it is considered a true gift and not any type of payment. If the gift produces income such as stock or a business, then you will need to pay tax on the income earned.  By gifting before you pass, you may be able to make a significant difference in a loved ones life, and you are giving the gift tax free!

            This Christmas, you too can “think outside of the box” and give a gift of time with someone you haven’t seen for awhile.  We all have a chance to make a difference in someone’s life now or in the future.  Time is a precious gift to someone homebound or in a nursing home!  After all, “Christmas is doing a little something extra for someone,” Charles Schulz (1922-2000), American cartoonist

            You may contact Dee at to ask about Cash Value Life Insurance, Gifting, Year-End Tax Review, Rollovers without Taxes, and Asset Protection Planning,    Most old life insurance policies have a beneficiary that has passed away or was a former wife or husband.      Ask about our Free “Life Audit!”