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When
Fred Rahal, M'59, investigated the benefits of Charitable Gift Annuities,
he found an opportunity to generate an annual retirement income
while, at the same time, building an endowment for the Department
of Pediatrics, where he had completed his housestaff training in
1962.
With
a Charitable Gift Annuity, a donor can make a gift of cash or property
to the MCV Foundation, and the Foundation will provide the donor
with a guaranteed income for life.
For Dr.
Rahal - at age 74 in 2003 - that meant his gift of appreciated stock
that was valued at about $25,000 would generate $1,775 in annual
income for the rest of his life, before the
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While
we can't guarantee that all participants in the MCV Foundation's
Charitable Gift Annuity Program will live longer, they will
enjoy these benefits:
A
satisfying gift * Secure payment/ guaranteed
rate No administrative charges * Gift
designation power Partial charitable deduction
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principal
would ultimately be put toward the Pediatric Endowment.
"It
was a win-win situation," said Dr. Rahal. "I was able
to make a gift to Pediatrics, which was important to me, and avoided
almost all of the capital gains tax I would have paid on the appreciated
stock." In 2003, the year he set up the gift annuity, Dr. Rahal
also received a charitable income tax deduction of $10,300.
"I
owe my career to the training I received in the Department of Pediatrics,"
explained Dr. Rahal. So he was pleased to know that through the
MCV Foundation's Gift Annuity Program, he could designate which
Campus program his gift would support.
In fact,
Dr. Rahal was so satisfied with the arrangement, that he went
on to set up a second annuity that will benefit the School of
Pharmacy, where he earned a bachelors degree in 1953. This second
annuity is designed to generate an annual income for the length
of both his life and that of his wife Huda. About half of
the Gift Annuities established at the MCV Foundation cover the
life of the spouse as well.
By
establishing the Charitable Gift Annuity, Dr. Rahal - like other
alumni and friends who have taken steps to include the medical
school in their estate planning - became a member of the MCV Society.
The Society now boasts over 300 members who have made provisions
in support of one of the MCV Campus Schools, and about a third
of that membership has earmarked the gift for the School of Medicine.
For more
information about gift annuities, or if you would like to receive
an illustration that shows how a charitable gift annuity would work
for you, please contact Associate Dean for Development Tom Holland
at tehollan@vcu.edu
or (800) 332-8813.
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