Jim and Jo Appleby
Forgotten Insurance Policy, Unique Way to Give
Charitable Gift Annuities
While cleaning out their home in late 2013, Christ the King parishioners Jim and Jo Appleby had quite a pleasant surprise. They came across an insurance policy that had been purchased by Jim’s parents at his birth in the 1930s. Originally costing just $15, they would find the value of that policy had grown to nearly $88,000. The Applebys wanted to use the funds to honor the Church, a source of support and peace all their lives. However, the idea of extra income wasn’t something they could just dismiss.
Luckily, a friend told them about the charitable gift annuities program at the Catholic Foundation. The charitable gift annuities available through the Catholic Foundation exceeded the Applebys’ expectations. The couple was able to donate the entire sum, receive quarterly payments that are partially tax-free, and accrued just over $41,000 in tax deductions. The money from the insurance policy will eventually benefit three separate organizations’ endowments held at the Catholic Foundation: the Catholic Foundation of North Georgia for Cristo Rey Atlanta Jesuit High School, the Cathedral of Christ the King, and the Society of St. Vincent de Paul, Georgia. What started as a $15 insurance policy for an infant boy more than 80 years ago will now provide additional quarterly income for the couple who discovered it and will support the Catholic community in Atlanta for generations.
Note: Jim Appleby entered eternal life in November 2018. Jo continues to receive payments through their CGA.