Women in Business - Fall 2017 - 12
continued from page 11
DONATE yOUR HOUSE. you can make a
commitment to leave your house to a charity
after your death. By doing this, you can live in
the house the rest of your life and receive a tax
deduction. In all likelihood the charity will sell the
house after you die and the money from the sale
will end up as your final donation.
LEAVE yOUR RETIREMENT PLAN TO CHARITy.
Leaving money to a charity from your retirement
plan could save a lot of headaches. A retirement
plan is one of the worst assets to die with because
of the taxes associated with it. Leaving the plan to
a charity could be the most tax-efficient strategy
for that money.
"I feel that part of my
mission is to show
people that they can take
advantage of certain
financial procedures if only
they know about them."
GIVE yOUR FAMILy CHOICES WITH A DONOR
ADVISED FUND. you can leave your family a say
in where your charitable donations are going via
a donor advised fund. Family members could
recommend where money from the fund is going
now and after you're gone.
DONATE A LIFE INSURANCE POLICy. Insurance
policies that no longer serve their purpose are a
good place to look for charitable opportunities.
Many people have outdated life insurance and
have now outgrown their original need. Instead
of cashing the policy in or just dropping it, why
not consider donating it?
"I feel that part of my mission is to show people
that they can take advantage of certain financial
procedures if only they know about them," says
Renn, founder and president of Renn Wealth
Management Group. "With a bit of planning, such
procedures could benefit them and the causes
and institutions they care about."
"Each of us, through our
contributions as volunteers
and benefactors, holds the
power to change the course
of society for the better."
WOMEN IN BUSINESS
P AT R I C K R E N N ,
author of Finding Your
Money's Greater Purpose,
has been a C e R T I F I e d
for more than 35 years and
holds a bachelor's degree in
business administration from villanova university
and an MBA from Loyola College. Renn-who
currently lives in Georgia-is the founder of
Renn Wealth Management Group Inc. (www.
patrickrenn.com), the former president of the
Georgia Society of Certified Financial planners
and former president of the Georgia chapter
of the International Association for Financial
planning. He is the past president of the Georgia
Special Olympics, is the current chair of the day
1 endowment and has served on countless
other charitable and endowment boards.