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LifeLegacy and Plannedgiving.com Partner and Launch LegacyPlanner For Nonprofits

Author: LifeLegacy

Author: LifeLegacy

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LifeLegacy and Plannedgiving.com Partner and Launch LegacyPlanner For Nonprofits

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Strategic Partnership Accelerates National Distribution of Planned Giving Tools

New York, NY, July 20, 2022LifeLegacy, a platform created to allow all Americans leave a legacy for their families and favorite charities, has announced a strategic partnership with PlannedGiving.com, one of the most trusted planned giving marketing and donor relations companies in the nonprofit sector. LifeLegacy’s proprietary combination of online wills, life insurance, advanced directives, power of attorney and more will now be available to thousands of PlannedGiving.com’s clients through its LegacyPlanner suite.

The partnership is focused on allowing everyone, no matter their means, to leave the world a better place.

“LifeLegacy and PlannedGiving.com have similar goals. We want to bring human touch and technology together to help charitable organizations receive more planned gifts from donors,” says Viken Mikaelian, CEO of Plannedgiving.com. “Our new LegacyPlanner wills and associated end-of-life planning documents are built on the LifeLegacy digital platform. LegacyPlanner gives fundraising leaders a tool that is accessible, simple, personal, secure and free to donors.” 

LifeLegacy’s technology complements PlannedGiving.com’s products and services and will support PlannedGiving.com’s mission to help thousands of nonprofits, educational institutions and religious organizations drive more planned gifts.

Jordan Cassidy, co-founder of LifeLegacy, will join PlannedGiving.com as Head of Client Legacy Planning to lead all redistribution efforts.

“A strong planned giving strategy with powerful online tools is critical to smooth the ebbs and flows of annual giving,” says Jordan Cassidy. “In uncertain times, annual donations may be reduced, but planning to give in the future takes on added importance. Leveraging tools available from LifeLegacy and PlannedGiving.com is a fiscally sound route for donors. Nonprofits can now secure the longevity of their mission and financial health via this unique partnership.”

About LifeLegacy

LifeLegacy’s Legacy Planning platform democratizes legacy planning for all Americans and enables nonprofits, financial institutions, and PEOs to broaden the accessibility of estate planning for their donors, clients, and worksite employees. 

To learn more, or to partner with us, visit us at www.lifelegacy.io or email jordan@lifelegacy.io.

About PlannedGiving.com

PlannedGiving.com offers a suite of estate planning products such as LegacyPlanner and an estate planning kit called Live Well, Leave Well. PlannedGiving.com activates individuals of all demographics to think about and plan for the inevitable, while inspiring them to shape their legacy, and sparing their families unnecessary heartache.

PlannedGiving.com has been helping thousands of nonprofits meet their digital and print planned giving marketing needs since 1998. To learn more, visit PlannedGiving.Com or email jordan@plannedgiving.com 

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Credit Unions Adding Free Financial Education Tools to Attract Members

Author: Craig Simms

Author: Craig Simms

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Credit Unions Adding Free Financial Education Tools to Attract Members

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Credit unions are increasingly using digital financial wellness tools to attract younger members and retain and delight older clients. Complementary online tools, competitive products and effective, multi-platform member communication are keys to credit unions retaining their branding advantage as a true “bank alternative.”

Go “Hybrid-Digital” 

OK, so I made up the Hybrid-Digital term. But at its essence, combining digital tools with superior voice-to-voice and face-to-face interactions for members will continue to distinguish credit unions in a crowded online and offline banking marketplace. This unique combination of communication and support allows members to choose how they want to interact with your institution. The Credit Union Times concurs. “Consumers may continue to embrace this digital life, as automated self-service becomes the norm. Consumers may also find they miss in-person experiences and seek out valuable “human-first” interactions. Neither of these worlds is unlikely – and neither is inevitable. More likely we end up with some mix of the two.”

Integrating the hybrid-digital mindset into all member touch points is critical in driving new memberships and retaining loyal customers. According to CU Insight, credit unions that are successful in driving new memberships across various age demographics have four things in common. They:

  • Embrace technology
  • Provide financial literacy
  • Offer competitive products
  • Offer wealth services and advice, tailored to targeted age groups

Let’s break down the first two of these initiatives and discuss how credit unions can grow membership by deploying both of these as part of a larger marketing and communications strategy.

Embrace Technology

Young customers want digital access to products and tools for sure. But don’t underestimate the value of making technology available for older members. One of the “COVID-effects” has been an acceptance and even preference of age 60+ audiences to have digital tools and account access available from the comfort of their barcalounger. These tools can include:

  • Online banking enrollment (checking, savings)
  • Online applications for loans, credit cards, etc.
  • Online and offline financial fitness tools, including webinars, seminars and online tools and learning vehicles(see below)
  • Finance calculators including loans, college planning and investment goal platforms

Support Financial Literacy

Credit unions provide consumers a different way to bank, based on establishing a unique relationship with members. They have an opportunity to empower members by offering competitive, beneficial financial products and adding free financial literacy resources and programs.

Some of these financial education programs, like Bonzai, present fun, interactive platforms for financial learning and are presented right on the “learning” portion of the credit union website. Other financial fitness options include presenting complementary, viable, online document management tools like wills, advance health directives and personal financial information storage platforms.

Financial literacy programs can be powerful tools across multiple target audiences:

  • Adult members via online tools, in-person and virtual seminars
  • Students, via in-school “lunch and learn” sessions and educational materials
  • Educators, via course materials or even credit union employees teaching special sessions for high school students as part of an economics class, for instance.

The Value of End-of-Life Planning Tools

One example of an online tool that is extremely valuable to members, especially those age 40+, is a last will & testament. Only 42% of Americans have a will in place, and that number gets even smaller at younger age groups (only 36% of those ages 30-49 have a will). 

Credit unions have an opportunity to enhance member financial fitness, add value to existing memberships and attract new members by offering a complimentary online last will & testament and associated end-of-life planning products like an Advance Health Directive and Financial Power of Attorney. LifeLegacy customizes these tools to meet the branding needs of each institution and even allows additional questions to be embedded in the will to better understand the member’s needs and potentially drive new product sales. Members receive this benefit for free, and the participating credit union pays an annual subscription fee to host the wills platform.

For more information, contact Craig Simms at craig@lifelegacy.io.

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Planned Giving in Difficult Economic Times

Author: Craig Simms

Author: Craig Simms

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Planned Giving in Difficult Economic Times

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Warren Buffet once said that “Someone is sitting in the shade today because someone else planted a tree long ago.”

In difficult economic times, nonprofits should reevaluate their strategy to focus on receiving gift commitments that will not have a significant impact on the donor’s current financial profile. Rockefeller Philanthropy Advisors suggest that donors reevaluate giving strategies when the economy is in disarray. But these three principles can also be utilized by philanthropic organizations themselves:

Core Principles

“There are three core principles to keep in mind when adapting philanthropy to current challenges: review, recalibrate and recommit. Review asks you to consider whether the values that inform your giving are still appropriate and inspiring. Recalibrate calls for you to assess whether, after a fresh look at your motivations, your goals and giving vehicles need to change. Recommit requires that you look at whether and how you will adjust your giving strategy so that you’ll be better positioned to support the causes you care about over the long term. Considered carefully, this framework can help you take stock of where you are, make potential adjustments that reflect how the world is shifting, and align your resources to fully address the issues that mean the most to you.”

So, as senior philanthropic planners contemplate the value of reviewing, recalibrating and recommitting time, programs and resources, they may want to adapt their outreach strategy to reflect the current challenging fiscal environment. The way forward could focus on promoting long term gifts that have little or no effect on the givers current financial situation.

Planned Giving Tools

Last Will & Testament and associated end of life documents – Only 42% of Americans have a last will & testament in place. Nonprofits can provide this service via a link right on your website. But first, similar to life insurance, you should ask first if donors can commit a portion of an existing will (if one exists) to your organization. But you should also provide access to a basic, legally-vetted version of a digital will, advance health directive and financial power of attorney right from the planned giving section of your website. LifeLegacy’s version of these products automatically asks the donor if they would like to leave a portion of their assets to your organization. You just pay an annual fee to host the will on your site. The LifeLegacy digital will subscription cost is thousands of dollars less than other online wills platforms.

Life Insurance – Promoting the value of life insurance as a gift has two components. 

  • Ask donors if they are able to give all or part of existing life insurance policies to your organization. This costs the donor nothing and can provide meaningful long term income to your organization. You just have to communicate the program using multiple methods (email, postcards, blogs, etc.) and provide specific examples to add clarity to the “ask.” Of course, people who make a life insurance gift commitment can be included in your planned giving society if one exists.
  • Provide donors with a link on your website to purchase a new life insurance policy. LifeLegacy provides this service to nonprofits. Donors can purchase a policy in minutes, often with no medical tests required. And the cost of premiums is low compared to the impact of the large gift. This group would also qualify for inclusion in your planned giving society.

Difficult economic times can have a detrimental impact on short term giving. That’s why having long term tools in place, like life insurance and digital wills, can help offset any reduction in current income. Help donors “plant trees” today that will help shade your organization from difficult economic times in the future. LifeLegacy can help you achieve this goal. Contact us today at jordan@lifelegacy.io.

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Money (NOT Estate) Planning

Author: Craig Simms

Author: Craig Simms

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Money (NOT Estate) Planning

If we truly want to promote financial products to everyone, it’s time to remove the name estate from the term “estate planning.”

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Democratizing Money Management

For many of us in the financial services industry, removing the fallback term “estate planning” may come as a shock. But the word immediately suggests wealth beyond the ordinary. Even dictionary.com’s first definition of the word “estate” says “an extensive area of land in the country, usually with a large house, owned by one person, family, or organization.” The Cambridge Dictionary’s second definition, “everything that a person owns when he or she dies” is more accurate, and it’s the definition that we should focus on as financial professionals. Yes, WE know that estate planning is good for anyone who has assets, but the name scares away potential clients who are in the market for wills, insurance, investments, and other financial products. Perhaps “money’’ and “legacy” are more inclusive and accessible words to use to position the concept of asset management for everybody.

 Why is it important to democratize money planning? The statistics on the general population show us:

  • 46% of adults in the US have a will in place (Gallup Survey); 72% of people in the same survey who identify as “nonwhite” do not have a will in place
  • 58 percent of Americans said they would grade the adequacy of their retirement savings at a C or lower
  • Fewer than 4 in 10 Americans have a financial advisor

How the Financial Industry Can Respond

Considering these facts, how can financial institutions support mass market households who need tools, products, and guidance to meet their financial goals and plan for their legacy? A good place to begin is to focus on the basics:

  • Help them grow money intelligently and safely prior to retirement
  • Assist them in protecting against the financial impact of an untimely death of breadwinners
  • Create an income plan in retirement
  • Create a basic last will & testament to help move money to loved ones and charities

Sudipto Banerjee, Vice President, Retirement Thought Leadership at T. Rowe Price, offers one possible solution to address financial wellness for the masses. “The retirement industry can act now to help close the [retirement savings] gap by encouraging employers to not only sponsor plans but to incorporate plan design levers, such as auto-enrollment and auto-escalation, and by offering financial wellness programs.”

The financial wellness programs that Mr. Banerjee mentioned should include a tool like an online last will & testament. To broaden the use of a will and associated end-of-life planning tools, they can be offered for free on employer platforms, online consumer learning portals and via financial advisors and agents as relationship building tools.

Leveraging a No-Cost Online Will as a Tool for Offering Appropriate Products to the Mass Market

Offering a will as a complementary legacy planning tool is an opportunity to democratize the way we offer our products to most Americans. Making the will broadly available to people through their employers, on the “learning” portion of your website, through your agent distribution channels or using social media to promote its availability helps to drive wide usage. Embedding questions and product offerings in the online will can drive direct to consumer and agent-assisted sales of products in a low-key, low-pressure environment. The will can also be a tool for social good with a section dedicated to planned giving. Imagine adding questions at the end of the will such as:

  • Do you currently have life insurance outside of your employer offering?
  • Are you interested in using life insurance to support your favorite causes?
  • Would you like to leave a portion of your assets to your favorite causes?
  • Do you have investments? If yes, what type?
  • Do you have a financial plan in place for retirement?
  • Are you currently working with a financial advisor?
  • Excluding property, what is the value of your assets?
  • Do you own your home, or do you rent?
  • Would you be interested in no-obligation financial advice?

Based on the answers to these questions, a company can engage with the client in many ways, including providing virtual financial advice, call center interactions or in-person consultation where warranted.

Offering a No-Cost Will — Everybody Wins

By providing a complementary last will & testament, the financial institution wins with additional sales and enjoys the side benefit of making money planning available to the masses while also promoting social good. The mass market client wins because they will be presented with products that can potentially meet protection, asset accumulation, distribution, and charitable giving needs. The industry has often talked a good game regarding addressing the financial needs of the mass market. Offering a last will & testament to everyday Americans is a great way to deliver on this promise.

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Life Insurance Looking Outward

Author: Craig Simms

Author: Craig Simms

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Life Insurance Looking Outward

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Buying life insurance for the benefit of people and causes is gaining traction.

According to recent LIMRA research, the reasons for owning life insurance are changing. This trend, in combination with the modern life insurance buyer’s increasing comfort to complete the purchase of permanent products online or through a contact center, may present a new distribution opportunity for visionary insurers.

A New, Profitable and Untouched Distribution Opportunity

Life insurance, by its nature, is a selfless purchase. Generally, it is the people or entities who receive the death benefit, and not the buyer, who benefit from the purchase. The primary reason why people buy life insurance, according to LIMRA, has traditionally been to cover burial, or final expenses. But the tide is changing. While “covering final expenses” is still the overwhelming buying motivation, “transferring wealth” or “leaving an inheritance” has overtaken “replacing lost income” and is now the second most popular reason for making a purchase according to LIMRA’s 2020 Barometer study. This undoubtedly includes using these products as a vehicle to leave a legacy to charity.

This trend may be indicative of an increased interest in traditional permanent insurance. LIMRA’s U.S. Individual Life Insurance Sales Survey seemed to bear this out. According to the survey, three quarters of whole life carriers reported significant growth in the first six months of 2021, including nine of the top 10 carriers. Further, premium for permanent life sales was 22% higher than sales in the first six months of 2020. Whole life represented 36% of the U.S. life insurance market in the second quarter.

Permanent Life Sold Directly

Perhaps the most interesting phenomenon buried in the data is the fact that a significant percentage of these permanent policies were purchased directly by consumers, not through an agent. According to David Levenson, LIMRA’s president and CEO, “We saw significant growth in direct-to-consumer (D2C) distribution for whole life products. In the second quarter of 2020, D2C whole life sales rose by 33%.” 

While relatively simple term life insurance has solidified its place as the preferred D2C product on multiple agentless platforms like Ladder, Ethos, Vantis, Fabric and others, permanent products have been seen as “too complicated” for D2C sales. But is it? The core challenge of selling permanent products directly is teaching prospective buyers the primary function of these products vs term insurance. But the research shows that buyers are beginning to understand the power of these types of permanent products for passing money to the next generation and supporting charitable causes that are close to the heart.

Vantis Life, a subsidiary of Penn Mutual focused on the mass market, is one company that has had two D2C whole life products available since 2018. “A significant portion of our direct sales, either purchased through our contact center or online, are permanent products,” notes Manny Lirio, AVP e-commerce and sales acquisition at Vantis Life. “It shows that simple whole life products, presented clearly and targeted for a specific use, can be sold without a face to-face interaction.” 

Final expense is an easy product to place on such a platform, especially with light digital underwriting available to reduce the risk of D2C sales (more on that in a future blog). But more traditional permanent products, especially those with no dividend schedule and used for modest inheritance and charitable giving purposes, are about to have their day.

Using such a product for social good makes it a win-win for the life insurers, who gain a profitable product and reputation enhancement, and for the charities, which ultimately receive the benefit windfall. And while some companies get jittery with a charity receiving 100% of the death benefit, this should not be an issue at lower benefit amounts — under $100,000 in most cases — notes Marty Dinehart, Executive Vice President and Chief Operating Officer at Patriot Life. “With smaller gifts, the impact on the estate is less of a consideration and the intent of the insured is clear and not a primary concern of the estate”, said Dinehart. “In most cases, we see that the client has been active with the organization for some time [and] they want to continue their impact well beyond their lifetime.”

It’s important to note that Marty’s company has two permanent products that are available on a modern D2C digital buying platform from Avolanta. 

A recent blog from lifehappens.org calls out the value of every day givers using permanent products as a tool for giving. Spencer Cassidy, CEO and co-founder of Life Legacy, notes “If you’re passionate about making a difference and want to increase your effects exponentially, life insurance can be an excellent way to make that happen.”

Can D2C Permanent Be Profitable?

We have established that the use of permanent life products, targeted to the middle and emerging affluent markets, sold directly for the purpose of providing an inheritance or as a charitable giving tool, could be an exciting new market for insurers. But can it be profitable? 

Bruce Friedland, a former Chief Actuary and Chief Product Officer, and now an actuarial and business transformation consultant, spells out the parameters. 

“Traditionally, small face amount whole life products, outside of final expense or preneed, were less profitable because the expenses the policy had to cover were high, and there were typically fewer underwriting requirements at lower coverage amounts leading to anti-selection,” explains Friedland.  

He noted that modern underwriting platforms and advanced risk assessment are now replacing what was still costly traditional underwriting, helping to increase profitability for lower face amount permanent products.

“These intelligent underwriting engines are typically lower cost per case vs traditional methods,” says Friedland. “At the same time, there is little increase in expected mortality using these new platforms.”

Friedland also talked about the importance of controlling marketing expenses, “Products sold with no or low commissions help improve profitability. But the key is to keep other expenses, like marketing, low. Hyper-targeting likely buyers can help.” 

Capturing the Opportunity – Intelligently

Is there an opportunity to effectively sell lower face amount permanent products D2C with a hyper-targeting marketing focus? The data, technology and large, wide-open market strongly suggests that there may be. Here are some key factors to consider:

  • The marketing must be targeted to two address key consumer buying motivations; — leaving an inheritance to family and supporting charities to promote social good
  • The messaging must be clear and focus on middle-aged and older buyers who may be thinking about their legacies and family financial issues (target age 40+)
  • The UX should be intuitive, engaging, and consistently reinforce the good this product will ultimately achieve
  • Underwriting must be fast, and decisions must be made in real-time
  • A sales contact center option is a good idea for reluctant “pure” D2C prospects 
  • The insurer should have a mechanism in place to inform the family and/or charity of the planned gift/inheritance (with the buyer’s permission)

The capacity to encourage legacy giving is a genuine benefit to both buyer and carrier.  Products focused on inheritance and social good for the mass market are essentially non-existent today, but they may very well be the standard for the future. A profitable product, distributed to specific audiences, with a side benefit of enhancing reputation as an organization that supports social good is a powerful combination of benefits. Could this be an exciting new distribution opportunity for intrepid insurers? The answer is a resounding “yes.”








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Life Insurance as a Tool for Charitable Giving

Author: Craig Simms & Spencer Cassidy

Author: Craig Simms & Spencer Cassidy

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Life Insurance as a Tool for Charitable Giving

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I’m going to let you in on a secret: You don’t have to be a millionaire to give back like one. Life insurance is an affordable way to leave a large, lasting legacy to a charity, school, or religious organization. If you currently donate sporadically or even commit annually to charitable organizations, adding life insurance as a planned gift can exponentially increase your impact.

Here’s why: Planned giving is not limited by your current wealth. A small increase in your monthly budget that goes toward a life insurance premium payment can result in a substantially larger gift at your passing than recurring donations that are based on your regular income.

For example, for about $75 a month, a 50-year-old can use a permanent life insurance policy to leave a $50,000 tax-free gift upon their death. It would take roughly 125 years to give that same amount in $400 annual donations to your charity. And for a 40-year-old, that monthly policy payment is just $60 (cost is subject to the health and lifestyle of the donor).

So, how does it work? You purchase a permanent life insurance policy and name the charity of your choice as the beneficiary. The beneficiary is the person or organization you designate to receive the proceeds when you die.

Permanent life insurance policies cover you for life as long as you pay your premium, which makes them ideal for planned gifts. And it can often fit into your budget more easily than you might think—the younger you are, the more affordable the policy can be. So, the best time to choose life insurance as a giving vehicle is now!

Three Key Questions about Life Insurance and Charitable Giving

Q. If I buy a life insurance policy, can I split the proceeds between a charity and my family?

A. Yes! You can name more than one beneficiary, as well as the percentage of the payout you want to go to each one—for instance, you could designate 50% to a spouse and 50% to a charity.

Q. How is the death benefit from my life insurance policy paid to my charity?

A. Nonprofits collect the policy proceeds (a death benefit) when you pass away. The life insurance company will look at the beneficiaries on your policy and pay the organization directly, typically in one lump sum.

Q. Will the money from my life insurance policy be taxed when my charity receives it?

A. In most cases, the people or organizations that receive the proceeds from a life insurance policy do not have to pay taxes on it.

Life insurance policy proceeds are among the largest gifts a nonprofit will receive, often 20 to 100 times the size of annual gifts. Planned giving contributions are vital to a nonprofit’s longevity and ability to carry out its mission, and they help organizations weather annual fluctuations in charitable donations. If you’re passionate about making a difference and want to increase your effects exponentially, life insurance can be an excellent way to make that happen.

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How To Leave Crypto in a Will

Author: LifeLegacy Team

Author: LifeLegacy Team

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How To Leave Crypto in a Will

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Cryptocurrency is a relatively new phenomenon, and as such, leaving cryptocurrency in a will for your loved ones is slightly uncharted territory. If you’re one of many people who have purchased Bitcoin or Ethereum (to name just two), you might be wondering how to work it into your estate plan. It’s important to understand that simply gifting bitcoin doesn’t guarantee your beneficiary will receive it: You also need to make sure that any beneficiaries know how and where they can find these cryptocurrencies after receiving them from you.

What is cryptocurrency?

Cryptocurrency is an independent class of digital money built on blockchain technology – a decentralized system that stores financial transaction data that cannot be changed. You can learn more about cryptocurrency and how it works on Bitcoin.org’s site.

The independence and security that come with cryptocurrency have made it exceedingly popular. Although its use is currently limited to internet transactions, most people are investing in it for the future. There is much speculation out there that one day this will become mainstream and thus more valuable than the dollar bill or euro – which would mean having an estate plan with cryptocurrency in mind is even more important.

Unlike traditional money, cryptocurrency has no physical form, and can only be accessed if you hold the private key, typically stored in a digital wallet. Because of its secure nature, gifting bitcoin or an altcoin in an estate plan requires extra steps.

What Happens to Cryptocurrency When You Die?

If you have a cold wallet:

Without a private key, there is no way for someone to access your crypto assets if they are stored in a cold wallet (if you would like to read more about what a cold wallet is, check out our blog on this). That means that if you die without leaving behind instructions for someone to locate and access the private key, your cryptocurrency essentially gets lost in the digital ether. Although the asset remains in your possession, they’ll be completely inaccessible. 

If you have your cryptocurrency in a hot wallet/exchange:

If you have cryptocurrency held in a hot wallet or in an exchange like Coinbase, Binance, Kraken, etc, then there’s a more streamlined approach for beneficiaries to receive it. For many online exchanges, there are procedures in place to transfer cryptocurrency assets to beneficiaries if the owner passes away. Typically these procedures require the beneficiary or executor of the estate to produce a death certificate, show identification, and provide the last will and testament of the individual that passed away – this is why including cryptocurrency in your last will and testament is so incredibly important. Without including it, it may not be possible for your beneficiaries to receive your cryptocurrency assets from your hot wallet held on crypto exchanges (although some exchanges also accept probate documents indicating the beneficiary in place of a last will and testament, but that is a lengthy process). 

Why Adding Cryptocurrency into your Estate Plan Matters

If you want to make certain that your cryptocurrency and any other digital assets will be passed on as part of your estate, including them in a Will is the best way. The same goes for any other type of assets that you own, ranging from stocks to real estate. Otherwise, if you do not include your crypto assets in your estate plan, then your beneficiaries will more than likely than not be able to access the crypto assets!

Companies like LifeLegacy make leaving cryptocurrency in your Will easy and accessible. Through making a Will with LifeLegacy, you can easily leave cryptocurrency held in a hot wallet to any beneficiary you would like, including charities.

How Cryptocurrency Works for Your Beneficiaries in a Will

When you die, your executor will distribute your property and assets to the people named in your Will. However, if leave cryptocurrency in an exchange to a loved one, then you will need to include explicit instructions on what cryptocurrency exchange it is held in and the public key (not the private key) so your loved one can find it. Once your beneficiary has this information, they can then provide your last will and testament, public key, personal identification, death certificate and any other required documents to receive your crypto assets. Please keep in mind that this method will only work if you store your cryptocurrency in hot wallets on major cryptocurrency exchanges. 

What if I have cryptocurrency held on a cold wallet?

If your cryptocurrency is held on a cold wallet, then you will need to create an entirely separate plan outside of your last will and testament on how to access it. The reason behind this is because your last will and testament will be public information in probate – so if you include instructions on how to access your cold wallet with the private key, then it can be easily hacked by anyone. Currently, there is no easy way to leave crypto held in a cold wallet to your loved ones. If you would like to read more about it, see here.

Final Thoughts: 

There are essentially two ways people hold cryptocurrency: in hot wallets and cold wallets. Leaving your loved ones crypto assets in a hot wallet is significantly easier than if your crypto assets are in a cold wallet, however, hot wallets are less secure than cold wallets. Therefore, it’s up to you to decide what works best for you and your estate plan. Here at LifeLegacy, we’ve made it easy to include crypto in your last will and testament if you have your cryptocurrency on a hot wallet on an exchange. In as little as 20 minutes, you can create your own last will and testament and include cryptocurrency assets in it if they are held in a hot wallet. 

 

 

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Give Till It Hurts

“Give Till It Hurts.” It’s a popular expression that asks us to be as generous as possible to support the causes we believe in. But what if I told you that there was a way for you to give, and give big, to the charities and organizations that you love, without the pain? Here are two ways that you can give big with almost no impact on your budget.

Last Will & Testament

No matter your age, it is never too early to write a will. In fact, it can only be too late. Gallup research shows that only 53% of people ages 50-64 have a will in place. It’s even worse for ages 30-49, where only 36% have completed a will. According to AP, among the reasons people cite for not having a will, three stand out:

  • “Only rich people need wills”
  • “I don’t have the time now”
  • “I can’t afford a will”

Let’s break down these excuses.

Only rich people need wills – No matter your level of assets, many of us have homes, 401k plans, savings accounts, IRAs and other investments. And while your assets may be less than $1 million, you still have assets! Without a simple will in place, the probate court will make decisions about the distribution of your assets and property. This can be extremely disruptive to your family after you’ve gone. Probate courts will take control of your estate, leading to high costs and long delays. Further, no assets will be given to any charitable organization, even though your intent was to include them in your estate. 

 

I don’t have the time now –  If you believe that an attorney is necessary to help you assemble your will, it may require a few hours of time via Zoom or an in-person meeting. But if you do have significant or complex assets, this will be a great use of your time. Fortunately, most people do not fall into this category. Instead, they can opt for the several free or low-cost online options that are 100% legally sound and only take 15-minutes or so to complete. LifeLegacy is one example of such a will. They offer the will completion experience for free right on their website.

 

I can’t afford a will – As we mentioned, for people who have significant or complex assets, it is likely worth the cost to make sure your will is comprehensively reviewed by an attorney. According to LegalMatch, the range of costs are from $940 to $1,500+, depending on the complexity of the estate. But as we said, there are low or no cost options available for people who have a limited number of assets that they plan to distribute to a limited number of people or organizations, including charities. 

 

Life Insurance

Life insurance is an excellent way to affordably leave a large lasting legacy. The power of life insurance allows many people to “give like a millionaire.” If you are a current donor to a charity or religious organization, and can afford to spend a little more each month in the form of a life insurance premium payment, you can significantly increase your impact through the power of life insurance. For example, for about $75 a month, a 50 year old can use a whole life policy to leave a $50,000 tax free gift upon their death. For a 40 year old, that commitment is about $60 a month (subject health and lifestyle). Term insurance is a lower cost option, but death benefits are not guaranteed as they are with whole life. That makes whole life a better choice for charitable giving.

 

Some companies, like LifeLegacy, offer an online life insurance application experience for the express purpose of supporting your favorite charity, and also allows you to split the death benefit between the charity and family members. In fact, the site has a database of thousands of charities from which to choose, or you can customize the experience and choose your own organization. LifeLegacy allows you to  apply online with a fast screening process that takes a matter of minutes.

 

So there are two products, wills and life insurance, that allow you to support the causes you love, without the pain! 

 

 

Get started writing your legacy with a free will

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