Simply contact your life insurance company and request a Change of Beneficiary/Ownership Form. Designate us as the new owner and beneficiary of your policy.
If you give your policy to us while you are still alive, you will receive an immediate income tax deduction for the current value of the policy. In order for you to get this deduction when the charity is the policy owner, you make donations to School Ministries of Birmingham so we have funds to pay the insurance premiums. Put another way, the donor covers the premium payments that the charity now makes on the gifted policy by making regular additional monetary gifts to the charity. If you retain ownership of the policy, benefits payable to us at death can save you federal and state estate taxes depending on the size of your estate and your state of domicile.
School Ministries of Birmingham is qualified as a charitable organization by the IRS Code section 501(c)(3) and is an Alabama nonprofit corporation. All donations are tax deductible to the full extent allowed by Federal and State law.
A long time ago, children got into trouble for chewing gum or skipping down the hallway—but not now. Today it is much more serious -- drugs, murder, sexual assault and other serious violent felonies. Today children are reaching out—no, screaming out for help. Released Time education pays off in that students have more self respect, better behavior at school and at home, and improved academic performance.
~David Beasley, Former Governor of South Carolina