Dog Lovers Make Plans for Perpetual Support
As a financial planner, Lance Trammell has a strong grasp on the importance of legacy planning and the transformative power of charitable giving.
“During our working years, we often think ‘How are we ever going to save enough to retire?’ but often my clients realize when they get to retirement that they have generated more wealth than they will need.” said Lance. “For people who want to give money to charity, making sure that’s possible and knowing the best assets to give can be a challenge.
So, when Lance and his wife Heather were developing their estate plan, they wanted a strategy that would help them meet their financial goals and ensure continued support for nonprofits that focus on the issues close to their hearts, like programs for veterans and animal rescue.
“We’ve always been dog lovers. We used to work with Missouri Pitbull Rescue and now spend our free time with Mid-America Bully Breed Rescue. It’s such a misunderstood category of dog that has been demonized. They are incredible companions and most have the potential to be great family dogs.”
Working with their attorney Tina Parsley Hughes and Truman Heartland Community Foundation, they established the Lance Trammell Family Fund and named the fund as the beneficiary of their life insurance, with instructions about the specific and fields of programs their fund will support.
“Because we use our life insurance policies as a wealth accumulation tool we have much more death benefit than we would need or want should either of us pass so setting up a foundation that can perpetually make those gifts was important to us.”
Now, as members of the Heartland Legacy Society, Lance and Heather can feel confident about their legacy plans and the financial support their fund will provide for the causes they care about.
“I didn’t want to leave Heather with the burden of figuring out what to do in the event I predeceased her. With Truman Heartland, she doesn’t have to worry and can just enjoy seeing the impact the foundation will have.”