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I want to Give

Challenging economic times and a growing population of vulnerable older adults make your generosity more important than ever.  Please send a tax-deductible donation to JABA, Inc.  You may designate the gift to a particular program or location, or let us use it where it is most needed.  For more information, visit our profile and IRS form 990 on Guidestar.




Life Insurance

Life Insurance – The Hidden Gift Asset

When you first bought a life insurance policy, you probably hoped to ensure the financial stability of your family should something happen to you or your spouse. Have your circumstances changed since then? Perhaps you took out a policy years ago, but no longer need it because you are widowed or your grown children are no longer dependents. Or, maybe you are in the process of taking out a new policy. By designating JABA, Inc. as the beneficiary of your life insurance policy, you can give us a tremendous gift, while potentially receiving financial or tax benefits.

Life insurance can be a tool with many purposes. For example, it can provide liquidity for paying taxes and other expenses at death. But, believe it or not, some of the most satisfying uses for life insurance policies are connected with charitable giving! When you are ready to receive personalized assistance with your planning, we urge you to call Kim Peel, Director of Philanthropy at 434.817.5221 or email Kim Peel.

How to Make a Gift of Life Insurance:

  • Name Us as the Beneficiary You can designate JABA, Inc. as the beneficiary of your life insurance policy. It's simple-all you need to do is contact your insurance company and ask them to send you a change of beneficiary form. You can designate more than one beneficiary, if you choose, allowing you to designate JABA, Inc. as a partial beneficiary. You continue to pay the premiums and retain full control of the policy during your lifetime. We will receive the insurance proceeds after your death. Because this is a future and revocable gift, you will not receive a charitable income tax deduction when you designate us as the beneficiary. There is, however, a positive tax benefit when your estate is settled, as your estate will be entitled to a charitable estates tax deduction for the amount transferred to us.
  • Make an Outright Gift of Life Insurance Our supporters often overlook the benefits of giving a life insurance policy to JABA. If you are carrying more insurance coverage than your family obligations now require, you may want to consider gifting an unneeded, paid-up policy. To lower your personal taxes now, you can transfer ownership of your life insurance policy to JABA, Inc. To do this you will need to contact the insurance company and fill out the proper change of ownership and beneficiary forms. To deduct the value of the policy, you must give it away irrevocably. This means you cannot retain any interest in it, such as the right to borrow against it or to change the beneficiary. You receive a charitable income tax deduction equal to the lesser of the policy’s value or your basis in the policy. JABA, Inc. becomes the owner and beneficiary of the policy and may decide to hold it or cash it in.
  • In Certain Cases, JABA will accept gifts of insurance policies for which continuing premiums are due. If you irrevocably transfer all rights and incidents of ownership of such a policy to JABA, JABA may elect to continue to pay the premiums. You may take an initial deduction for the cash value of the policy, and you may deduct any additional gifts you make to JABA in lieu of premiums.

This information is not intended to provide legal or tax advice. Please consult your professional advisors before making any material decisions based on this information.

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