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Who can I give life insurance to?A beneficiary can be an individual, charity, a company or trust. If your beneficiary is an individual, they can be related to you, one of your kids, a husband or wife, a friend or or anyone else you happen to know. Charities are a common type of beneficiary as well.
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What value is used to determine my tax deduction if I change the ownership of my life insurance policy to a charity?The paid in cost basis of the policy or the fair market value of the policy, whichever is lower.
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How to gift life insurance proceeds without taxAs long as your life insurance has not converted to a modified endowment contract, there will not be any tax due.
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Who pays tax on personal life insurance given as a gift?No one will be required to pay tax on personal life insurance given as a gift.
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Do colleges like receiving life insurance as charitable gifts?Yes. Other nonprofits, like Believe in Me, also enjoy the benefits of receiving life insurance proceeds as a charitable gift.
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Is a life insurance planned gift revocable?If you own the life insurance policy, you are able to change the beneficiary at any time. if you are changing ownership of the life insurance policy to a charity to gain the tax benefits, you will not be able to revoke your planned gift.
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Can you deduct life insurance premiums + gifting?You can maximize your tax savings if you make a cash donation to the charity, restricting use to making premium payments on your life insurance policy.
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Can a fractional part of a life insurance policy be gifted?Yes. You may gift a % or the entire policy to charity.
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Can you gift life insurance premium payments?Yes, but you can maximize your tax savings if you make a cash donation to the charity, restricting use to making premium payments on your life insurance policy.
Learn How To
Donate Your Expertise
How To Become a Believe In Me Volunteer
Becoming a volunteer at Believe in Me (the Foundation) is very similar to applying for a job. After reviewing the open opportunities and reviewing our policies and procedures, the next step is to submit your resume for review. Your education, work experience, and skills will be reviewed and if you match to an open volunteer position, you will be contacted via email to set up an interview. If all goes well during the interview process, you will receive an email including a link to start your Volunteer Application. Once your application is reviewed and you are selected to volunteer, you will receive an official offer including information about when your orientation will occur. The amount of time this process takes varies, depending on how quickly you respond to email correspondence, etc. It’s as simple as that!
Believe in Me is a mission-oriented organization and serves a very vulnerable population: disadvantaged youth. Background checks are necessary to protect the individuals being served by our programs and to ensure we remain eligible for continued funding. Screening our prospective volunteers also helps us to protect our assets, mitigate risk, and avoid potential liability lawsuits. Requiring background checks for all our internal stakeholders is a proactive way for us to protect the important work we are doing to help kids.
Why Do We Require An Application and Background Check?
If your interview goes well, you will receive an email asking you to complete the Volunteer Enrollment Form, sign the waiver of liability, submit a copy of your driver’s license, and undergo a background check.
Step 5: Complete Your Volunteer Application
If selected for an interview, be sure to come prepared. We are looking for candidates that are aligned with our mission and vision. You may want to prepare some samples of your work to share with the CEO.
Step 4: Conduct an Interview
Once submitted, your resume will be reviewed by the Foundation CEO, who is an advocate for this work. If you're a good match for one of our volunteer opportunities, the CEO will reach out to schedule an interview.
Step 3: Submit Your Resume
Read the Policies and Procedures for Believe in Me to see if we’re a good fit.
Step 2: Review the Policies and Procedures
We have so many exciting volunteer opportunities to fit a range of unique and valuable skill sets. Explore some of those volunteer opportunities below.
Step 1: Explore the Volunteer Opportunities
Tracking Time for Our Volunteers
Current volunteers, we appreciate you more than you know! Your time is valuable to us and we want to make sure we represent your commitment when presenting to our Board Members. Volunteer tracking also allows us to dream big as we strategize for the future. With that in mind, please track your hours accurately and consistently. If you have any questions about tracking, please reach out to admin@believeinme.org for assistance.
