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Charitable Gift Annuities
A "Win-Win" for Richard Panelli
Some might say that Richard Panelli has lived an ordinary life.
He grew up in The Bronx, New York, graduated high school and went on to serve the U.S. Army in Germany after being drafted in the early 1950s. He later married and went to work as a retail salesman in the food industry until he retired in the 1990s.
But sometime during his retirement, Rich decided that he wanted to put his savings to extraordinary use. He established a charitable gift annuity (CGA) with St. Jude Children's Research Hospital.
"I saw a program for St. Jude on TV, and that was what sold me right away," said Rich, who is 79. "I saw what those kids are going through and said, 'I gotta do something about this,' and that's what I did."
Rich, a widower with no children, owns his apartment and lives modestly on his retirement income. He emphasized that he didn't want to leave money behind to be frittered away.
"I decided that whatever I have and own is not going to go that route. I'm going to have it do some good for someone, and I want it to do good for the kids at St. Jude," he said.
He gave the annuity serious thought before making the decision. He liked the idea that his gift would be used to help the children of St. Jude wherever the need was greatest. He also liked the benefit of receiving a regular, fixed payment for life. The annuity provides a gift to St. Jude when the contract ends.
"Now I know that my money is being spent the way I want it to be spent," he said. "And the annuity checks I get every month pay for my condo's maintenance costs. It's a win-win proposition."
He later established a second St. Jude CGA, again using assets from a money market account to fund the annuity. In fact, Rich has become an informal ambassador for St. Jude, putting St. Jude decals on his car and telling his friends how he has gotten involved in the mission of the hospital by establishing CGAs.
You could say that Rich is having an extraordinary second career as a St. Jude supporter and is leaving a legacy that will live on in the lives of children for many years to come.
Rich also is a member of the Danny Thomas – St. Jude Society, as is everyone who lets us know of their intention to make a bequest or other planned gift to St. Jude. For more information about CGAs or the Danny Thomas – St. Jude Society, please call us at 1-800-395-1087, e-mail us at giftplanning@stjude.org or visit our web site at www.stjudelegacy.org.
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