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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

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A charitable bequest is one or two sentences in your will or living trust that leave to Methodist Hospital Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Methodist Hospital Foundation, a nonprofit corporation currently located at 8401 West Dodge Road, Suite 225, Omaha, NE 68114-3447 , or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Methodist Hospital Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Methodist Hospital Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Methodist Hospital Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Methodist Hospital Foundation where you agree to make a gift to Methodist Hospital Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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