Bates Donates Life Insurance as a Way to Give
Since moving to Omaha more than 20 years ago, Bob Bates has truly enjoyed his time here. In addition to his great success in the insurance business, Bob has dedicated much of his time to community activities. "Omaha is so dynamic," Bob says. "There is such a positive and infectious community spirit."
One of Bob's community activities included being a member of the Methodist Hospital Board in the early 1990s. As part of the Methodist Hospital Board, Bob heard about Methodist Hospital Foundation's Campaign, and he wanted to be a part of it.
Bob decided a new life insurance policy, with Methodist Hospital Foundation as the beneficiary, would be a cost-effective way to give a meaningful gift. "Life insurance is a way to leverage," Bob says. "Multiply the amount that you give into an ultimate gift that is greater than what you've given. There is no better way to do that than life insurance."
Existing life insurance policies can also be used as gifts to Methodist Hospital Foundation. You can give a paid-up life insurance policy, or you can donate an existing policy and keep up the premiums. All are tax beneficial and cost efficient. "We're in an unusual economic period of time right now," Bob says. "Everyone's financial lives have been affected by what's going on in the economy, and you want to squeeze as much benefit out of the money that you can give."
Bob also suggests a charitable gift annuity as another way to give. This method provides annuity payments to you for your entire life in exchange for a gift to Methodist Hospital Foundation.
"Go to the Foundation or your financial advisor with your questions to get you started," Bob says. "They can give you the information you need to make an informed decision. It is good for the Foundation and our community and satisfying for you as well."
If you are interested in making a gift to Methodist Hospital Foundation, please contact Elizabeth Borisow at (402) 354-4825 or email@example.com.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.