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Charitable Gift Annuity is a gift that pays income for life and gives back

The Bobruffs

Martha and Arthur Bobruff, pictured here with their daughter-in-law, Yael (left); daughter, Rachel (center); and son, David (far right).

As physicians trained in Boston, Martha and Arthur “Art” Bobruff always knew of Dana-Farber Cancer Institute. Their knowledge of Dana-Farber drastically changed in 1997 when their 22-year-old son, David, was diagnosed with a brain tumor.

After an extraordinary college career at Amherst College, David obtained a promising and challenging financial position at Goldman Sachs in New York City when he suffered a seizure. After what the Bobruffs describe as a “most horrible experience” at the hospital where David was first diagnosed, they contacted Dana-Farber and David was transferred by ambulance to Boston.

At Dana-Farber, the Bobruffs found care that was a “class above” and a new treatment plan for David was implemented. Nearly two decades later, he is healthy and married with a young son.

“We support Dana-Farber because we are so grateful for where our family is at this point—compared to where we could have been,” Art said.

To express their gratitude, Martha and Art established a Charitable Gift Annuity (CGA) using appreciated stock to benefit Dana-Farber and the Jimmy Fund. The CGA provides the Bobruffs with a steady income for life and an income tax deduction, and will ultimately benefit Dana-Farber’s lifesaving mission.

“The financial benefits of the CGA are valuable, but for us, there is no greater reward than knowing we are helping Dana-Farber and the Jimmy Fund in the fight against cancer,” Art said.

The Bobruffs found the CGA easy to set up, with assistance from Dana-Farber’s Gift Planning office, and are pleased with the financial benefits of the gift.

“We had strong feelings about giving back to a meaningful and valuable organization, and Dana-Farber and the Jimmy Fund was at the top of that list,” Martha said. “Dana-Farber’s wonderful doctors and staff were amazing, and, in our minds, it’s also the top institution in the world to discover new treatments.”

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A charitable bequest is one or two sentences in your will or living trust that leave to Dana-Farber Cancer Institute 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

Bequest Language

"I bequeath to Dana-Farber Cancer Institute, Inc., Boston, Massachusetts [ _____ dollars or _____ percent of my total or residual estate."]

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 Dana-Farber and the Jimmy Fund 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Dana-Farber and the Jimmy Fund as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Dana-Farber and the Jimmy Fund 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 Dana-Farber and the Jimmy Fund where you agree to make a gift to Dana-Farber and the Jimmy Fund 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.

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