Julian Malkiel has created a legacy of compassion at Dana-Farber. With his $100,000 gift, the financially savvy retiree established a charitable gift annuity (CGA) that will help sustain the Institute's lifesaving work and provides him with a guaranteed annual income in return.
Malkiel's CGA secured him a higher rate of return — 7.6 percent — than other low-risk options such as bonds and CDs. The annuity also provides substantial tax benefits, including an immediate tax deduction and partially tax-free earnings.
"I am 78 years old, and I have no heirs," said Malkiel. "I want to support charities that will put my money to good use. If I can do that and get a handsome income in return, I have the best of both worlds."
Malkiel, who resides in Jupiter, Fla., was born in Boston and lived much of his life with his late wife, Doris, in Stowe, Vt. There, Doris participated in an annual Jimmy Fund Golf tournament, so the couple knew Dana-Farber and the Jimmy Fund well.
After the Malkiels moved to Florida, Doris was diagnosed with breast cancer. She lost her battle with the disease in 1998. This inspired Malkiel to establish a CGA that will ultimately support breast cancer research at the Institute.
"Doris and I were very familiar with the cutting-edge work being done at Dana-Farber," said Malkiel. "I hope that researchers are able to make a breakthrough with the help of my CGA."
Printed in Planning Matters, spring 2005
Learn more about charitable gift annuities
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