Page 16 - GEORGES TREE SDA EBOOK

1
“That doesn’t explain how he was able to give to so many organizations,” interrupted Ann.
“I’m getting to that,” said Charles. “The organiza- tions will receive a lump sum thanks to a life insurance policy that George took out in the last year. Poor George, his fatal heart attack was a shock. He hadn’t planned to cash in his life insurance so quickly.”
“Now I understand,” said Ann. “I didn’t know that we could donate to a charitable organization that way. But at his age, life insurance premiums must have been exceedingly high,” she continued with a bit of scepticism.
“Not at all,” answered Charles, “the strategy that George put in place even allowed him to completely eliminate income taxes to be paid on his RRSP’s and the cottage upon his death. Consequently, Francis and Natalie won’t lose a cent in the transaction and, I’m sure, will even come out ahead. It was all calculated ahead of time. In fact, they’re very proud of their father’s accomplishment. His memory will live on through his generosity.”
16