Finding Purpose: Financial Consultant Emphasizes Creative Solutions
While working in the oil industry as an underwater welder in the Gulf of Mexico, Isaac Taylor realized he was earning a paycheck, but it wasn’t meaningful work. He set out to find a career that would give him a sense of purpose. Isaac’s interest in finance led to financial services, and research from there helped him discover Thrivent Financial.
Shortly after, Isaac met his business partner, Tony Valazza, at an RFO event, where they immediately found common ground. As an InFaith VIP-Hall of Honor member, Tony introduced Isaac to charitable planning. Together with InFaith, Tony and Isaac have been able to incorporate the benefits of real estate gifts into their charitable conversations with clients.
Avoiding Capital Gains with Flip CRUT
Isaac and Tony had a client who wanted to sell her second home, but the property’s value had skyrocketed. Instead of selling, they recommended she use the home to accomplish her charitable goals by donating the real estate to a charitable remainder unitrust (CRUT) through InFaith. Income payments are calculated annually using a set percentage rate and the value of the trust’s assets.
Isaac says, “With property values so high, people are afraid to sell because of the taxes. But if they mention capital gains, we talk to them about flip CRUTs.”
After donating the property to a charitable remainder trust managed by InFaith, the clients home was sold. She is taking the tax deduction over six years and converting some of the savings to a Roth IRA. The proceeds of the sale are held in an investment account that will pay annual income to the client until her death, and the remaining funds will be donated in perpetuity to 16 charities designated by the client.
Everybody Has an Estate Plan
When introducing estate planning, Isaac encourages his clients to consider the multitude of benefits that come with long-term charitable planning, whether they are young, retired, single or married.
“Clients with charitable intent don’t give just because they want the tax benefits,” Isaac says. “They feel good about planning when they know they can give assets now and give even more when they are no longer around.”
Meeting Millennials Where They Are
Isaac also notes the diversity of his practice, which is split between pre-retired and millennial clients. He is motivated to teach young people like himself about long-term opportunities for charitable giving.
“Millennials tend to be more impulsive in supporting causes and then sharing the experience on social media to inspire others,” he says. “I can show them ways to be intentional and strategic.”
In Isaac’s experience, honest conversations from a position of trust lead to deeper relationships and stronger referrals.
“It’s about finding creative ways to be generous, and InFaith is the best resource for that.”
Get started. Contact InFaith gift planners to help your clients achieve their charitable goals at 800-365-4172.