Jacob Goldstein will be the first to tell you he's no Bill Gates. But that doesn't matter a bit when it comes to his charitable giving. "We may not all be billionaires," Jacob says, "but we can all make a difference." That's just one of the reasons he recently established three Charitable Gift Annuities to benefit National Jewish Health and continues his regular annual contributions to further research and care.
Unlike many other of our donors, Jacob's personal medical history doesn't include asthma or tuberculosis. But back in 1936, his first cousin, Harris Gruber, was treated for TB at National Jewish Health. Harris died a few years later from the disease, but his legacy lived on in the family. When Jacob returned home after World War II, his mother made him promise that he would give any extra money he might have "to that hospital in Denver." She was adamant, he recalls, saying, "They treated your cousin well and never charged the family a dime."
So every year since 1945, Jacob has made gifts to National Jewish Health. Checks of two dollars, five dollars, and more as time passed. Recently, however, Jacob reassessed his financial position and determined it was time to do more. Jacob had three goals in mind. First, to reduce his taxes. Second, to increase his income. And third, to keep his promise to his mother. He learned a Charitable Gift Annuity could accomplish all three.
Among the many issues Jacob considered was a recent sale of a real estate that had left him with a sizable capital gain tax liability. The charitable income tax deduction he received in return for his three gift annuities (created within a relatively short period of time) helped offset that capital gain liability. As for income, Jacob had much of his money invested in bond funds yielding a steady 5 to 6 percent return. Investing in the stock market wasn't an option because he isn't comfortable with the level of risk involved. When he learned he could receive a guaranteed rate in the 8 percent range with a National Jewish Health Charitable Gift Annuity, Jacob became very interested.
Most importantly, Jacob knows that when he dies, what's left of the gifts will go to National Jewish Health for its general charitable purposes - just as his mother wanted. She never forgot the National Jewish Health motto: None may enter who can pay; none can pay who enter. She encouraged her son to never forget it, and we are grateful he hasn't.
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