Gifting an Insurance Policy Makes Sense for Donors

If you've lived in the Ames area very long, chances are you know Ted and Joanie Tedesco. Ted served eight years as mayor of Ames and four years on the City Council. He established Tedesco Insurance, which later became Knapp Tedesco, where he served as president and Joanie served as the bookkeeper. The new Tedesco Environmental Learning Corridor is an Ames park named in honor of Ted's commitment to and betterment of conservation.

In addition to supporting the community in various ways since they moved to Ames in 1954, they have had strong ties to Mary Greeley Medical Center. They both served on the Mary Greeley Foundation Board of Directors and continue to support the Foundation financially with their annual gifts. They are also founding members of the Greeley Society — a group of donors who have made a documented planned gift to the Foundation that will benefit Mary Greeley in the future.

While Joanie was president of the Foundation Board in 1997–98, a campaign was launched to establish the Israel Family Hospice House. The couple wanted to make a significant gift to show their support, so they transferred a life insurance policy on Joanie over to the the Mary Greeley Foundation, making the Foundation sole owner and beneficiary.

Ted and Joanie continue to pay the premiums, and one day their gift will be used to establish a general endowment for hospice. The annual earnings on the endowment will fund all areas of hospice care for decades to come. "I don't think people often consider giving through an insurance policy, but making a charitable organization the owner or beneficiary is quite easy," Joanie says. "It made sense for us, and allowed us to maintain our current assets," she continues.

The Tedescos' gift of foresight reflects their deep commitment to Mary Greeley and our community, and demonstrates their desire to keep on making an impact long after they are gone.

For more information on how you can leave a lasting legacy at Mary Greeley through a deferred gift, please contact Sarah Heineman at 515-239-2421 or heineman@mgmc.com.