Meet Our Donors
Harold and Martha Davis
Giving the Gift of Life (Insurance)
We hear a lot about giving back and dedicating part of our lives to others. But did you know you can set up a gift that keeps giving, even when you canít? By giving an irrevocable gift of an existing life insurance program, you ensure your community continues to receive the best quality care possible through Culbertson Memorial Hospital. Thatís the path Harold and Martha Davis took when they generously decided to make the CMH Foundation the beneficiary of Haroldís life insurance policy. When Harold passed away this past spring, his estate made a gift of over $21,000.
The couple raised three daughters in Rushville and were very active in church, school and many other community organizations. Culbertson Memorial Hospital was always important to them, so they decided to gift a policy to Culbertson in the early 80s. The Davis family is very proud to see their fatherís dedication and commitment to his community carry forward.
How does giving the gift of life insurance work?
Simply transfer ownership of a paid-in-full life insurance policy to the CMH Foundation. Contact your life insurance company and request a Change of Beneficiary/Ownership Form, then designate CMH Foundation as the new owner and beneficiary of your policy. The Foundation will have the option to choose whether to cash the policy in now or hold the policy.
Why consider this type of gift?
This process lets you use an asset you and your family no longer need. You can receive an income tax deduction equal to the cash surrender value of the policy. And you may be able to use the cash value of your policy to fund a gift that delivers income, such as a deferred gift annuity. For Harold, he valued the work being done at Culbertson Memorial Hospital and wanted to help continue that work as part of his legacy. Now the Davis family can continue to see Haroldís gift as it impacts the community in a big way.
How do I set up my gift?
You can set up your gift in several ways, depending on your tax situation. You may choose to donate your policy while youíre still alive. If so, youíll receive an immediate tax deduction for the current value of the policy. If you make the CMH Foundation the policy owner and still want to get the deduction, you make donations to the Foundation so we have funds to pay the insurance premiums. If you retain ownership of the policy, benefits payable at death can save you federal and state estate taxes depending on the size of your estate and where you live. However itís structured, your gift lives on Ė in a thriving hospital that lives to serve your community. For more information, contact Foundation Director Tim Ward at 217-248-7511 or email@example.com.