Right on the Money host, Dennis Mattern, discusses charitable giving with Tommy Mai, president of Tommy Mai Financial, located in Westminster, California.
The biggest influence for Mai in regards to his mission at his practice would be the Buddhist way of life, specifically the philosophy of Karma.
“We all have free will, but the situations and the opportunities we have every day is pretty much the results of what we have done that is good in the past or bad if you do stuff you’re not proud of,” Mai explains quickly.
So going along with that lifestyle, Mai is incredibly passionate about charitable planning. Not to be confused with a simple donation, charitable planning creates a plan for a sum of money to extend the life of it and create a legacy of a client’s gift; whereas a donation is a one-time gift with a tax deduction.
Tommy Mai Financial specializes in charitable giving, and enjoys giving a client’s gift a legacy and a purpose. They work with a small group of attorneys who specialize in family foundations, private foundations, as well as charitable reminder trusts.
Mai says, “People are naturally good. What I found out in this business is that people love to give, love to help other people, but sometimes, they just don’t have the opportunity or the venue or the know-how to really, effectively give away some of their assets.”
With Tommy Mai financial, a client is able to pick the charity of their choice, but they also have the option for the client to start their own charity or family foundation. With these strategies, a client is able to benefit from being able to give, protect their assets and be able to reduce taxes at the same time.
Know every aspect of your retirement income plan. Learn more charitable giving with Tommy Mai at Tommy Mai Financial and how he could help you with your overall retirement income strategy.
Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
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