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Allen Minsky prepares for the future—his and MSK’s—with CGA

Allen MinskyWhen it comes to taxes and spending his money wisely, Allen Minsky knows the importance of being prepared: He and his late wife, Linda, ran a tax business together for 40 years. They specialized in helping people file their taxes and understand their deductions. Allen met with the clients, and Linda handled the office work. They made a great team.

As their business flourished, Allen and Linda spoke often about how they could give back. As Allen says, “We had been so fortunate during our life together, we felt strongly about doing something important for others.”

After Linda passed away in 2014, Allen wanted to make a charitable gift that would honor Linda’s memory and their shared values—a gift that would have a real impact for many years in the future. Allen was retired and in his 70s, so he also needed to make sure this donation wouldn’t compromise his financial security.

That’s why Allen decided to create a charitable gift annuity with Memorial Sloan Kettering. He’d known about MSK for years and had always admired the hospital’s lifesaving work in cancer research and treatment. Allen’s mother had died of ovarian cancer, so he knew firsthand how devastating the disease could be. “I had heard many good things about Memorial Sloan and what they were accomplishing in the fight against cancer.”

Allen also knew from his years working in finance that a gift annuity was a great option for him. With a gift annuity, Allen could take a charitable tax deduction in the year he made the gift. He’d also receive income from the gift annuity for the rest of his life—income that would be partially tax-free for a number of years. After his lifetime, MSK would use any remaining funds to fuel cancer research and treatment of the future.

Allen continues to remain active in his retirement years. He is a member of the Board of Directors at Longview in Ithaca, where he now lives. He is involved in the community as well. Having a reliable income from his gift annuity throughout the year helps him pursue his interests and enjoy his retirement.

He’s made a gift that will keep giving for years to come—to Allen, and to countless cancer patients around the world.

Make the Gift That Keeps on Giving

Like Allen, you can also make a meaningful difference at MSK with a gift that pays you back. Learn more about this tax-wise way to drive our research and care on our website here, or you can contact the Office of Planned Giving at 800-688-1827 or to receive a personalized illustration showing your potential benefits.

A charitable bequest is one or two sentences in your will or living trust that leave to Memorial Sloan Kettering Cancer Center a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

An individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust, or retirement plan.

I bequeath to Memorial Sloan-Kettering Cancer Center, a New York nonprofit corporation having a principal place of business at 1275 York Avenue, New York, NY 10065, Federal Tax ID #13-1924236, ____percent of my total estate (or $_____, or other property) to be used or disposed of as Memorial Sloan-Kettering Cancer Center in its sole discretion deems appropriate.

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor-advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to MSK or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property, or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to MSK as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to MSK as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and MSK where you agree to make a gift to MSK and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

A tax imposed at one's death on the transfer of most types of property. Currently federal estate taxes are assessed in 2022 on estates worth more than $11.2 million. The maximum estate tax rate is 40 percent. Some states also impose taxes at death that vary depending on state law.

A written legal instrument created by a grantor for the benefit of him/herself (during life) or others (during life or at death).

A revocable trust established by a grantor during his or her lifetime in which the grantor transfers some or all of his or her property into the trust.

Equity or debt instruments, typically shares listed on a stock exchange, which can be readily bought or sold.