AccessAbilities

A life insurance policy that is no longer needed for family protection is another way to support your favorite charity.   It can be given at any time to the accessAbilities Foundation, Inc.  Those who wish to increase their commitment to the accessAbilities Foundation, but lack at-hand resources can also name the organization as beneficiary of a new life insurance policy.  Tax benefits are dependent on the structure of the policy.

A donor has three basic choices in planning a gift of life insurance:

• The donor may give an existing policy to charity, in which ownership should be assigned to the charity and the charity named as beneficiary of the policy. 
• The donor may apply for a new policy on his or her life, with the charity as the original policy owner and beneficiary (subject to state insurable interest laws)
• The donor may designate a charity as the beneficiary of a policy that the donor continues to own, if no income or estate tax advantages are desired.

In addition, by transferring ownership of an insurance policy to the accessAbilities Foundation, Inc. and naming it as a beneficiary, donors qualify for an immediate income tax deduction. The amount of the deduction depends on the status of the policy. In the case of a paid-up policy, the charitable deduction generally equals the replacement value of the policy. If the policy is not paid-up, the charitable contribution is approximately equal to the cash surrender value. In either case, the contribution cannot exceed the donor’s basis in the policy.

The easiest way to make a contribution is through the accessAbilities Foundation’s secure donation web site using a credit card.  Credit card donations can also be made via telephone by calling Diane Seymour, Community Education and Development Specialist, at (724) 832-8272.

accessAbilities Foundation, Inc.
2900 Seminary Drive, Building B
Greensburg, PA 15601