Bill Machanic honors his wife’s legacy by giving back
From the moment Bill Machanic's wife, Mary Ann, was diagnosed with ovarian cancer and they met with Dr. Neil Horowitz, they knew they were in good hands. Throughout her two-year treatment, Machanic and his wife became deeply connected to Dana-Farber Cancer Institute, and found its dedication to total patient care overwhelmingly comforting.
"Our team of support was incredible," explained Machanic. "Every aspect of Mary Ann's care and well-being was attended to on a very personal level. Her team of caregivers strived to ensure she was as comfortable as possible and that all of our concerns were addressed."
Unfortunately, Machanic's wife passed away in 2010. As part of her legacy, Mary Ann wanted to give back to the incredible organization and all of the remarkable caregivers who provided her with 24-hour support. To honor his late wife's wishes, Machanic ensured that gifts made in her memory supported gynecologic cancers research, so that friends and loved ones could pay tribute to her.
Beyond this, Machanic wanted to do more. As he evaluated his estate plan, he decided to make Dana-Farber a beneficiary of one of his IRA accounts.
"I will be retired soon and making Dana-Farber a beneficiary of one of my IRA accounts just felt right," said Machanic. "This type of gift would work well for anyone as part of an estate plan."
In addition to his IRA gift, Machanic decided to establish a Charitable Gift Annuity (CGA), by making an irrevocable gift to Dana-Farber.
"The CGA and the IRA gift complement one another as part of my overall estate plan," explained Machanic. "A CGA makes all the sense in the world. I receive a fixed income for the rest of my life as well as a charitable deduction, in exchange for the gift I made to Dana-Farber."
Planning ahead and including a charitable gift as part of his estate plan allowed Machanic to honor his late wife and enjoy the satisfaction that making a philanthropic gift provides.
"The physicians and scientists at Dana-Farber are constantly spending time and effort to find new treatments, and the importance of the Institute as an organization is quite clear," stated Machanic. "I cannot explain in words the impact that my experience at Dana-Farber had on me. I feel very strongly that if one were to look for a research institution and a cancer treatment provider, one could not find a place better than Dana-Farber."