Gift Annuities Are a Win-Win for Two Former Atheletes

When Carl Goldman AB ’55, MBA ’57 came to Harvard in the early '50s, he planned to join the track team as a shot putter. But then his coach convinced him to try the 35 lb. indoor and 16 lb. outdoor hammers. From then on, says Goldman, "I spent four years throwing both hammers. Even in the summer, I took an outdoor hammer with me wherever I went."

Goldman has maintained lifelong friendships with many of his former teammates. He has also supported Harvard in myriad ways over the years, including serving as a co-class agent and creating a scholarship fund in honor of his mother, Radcliffe alumna Estelle Lowenstein Goldman AB '31.

As he began to plan for his retirement from a career in corporate finance, Goldman researched his giving options. "My wife and I talked it over and we thought, 'Yes, we're going to give to Harvard, but is there a way we can also get a return, because we're going to need it as we get closer to retirement?' Then we discovered the gift annuity."

Goldman investigated further and found the return rate attractive and the economic benefits substantial. "The tax breaks from the gift are considerable. And, in our case, a good part of the income is tax-free," he explains. "The gift annuity has enabled us to combine two wonderful factors: giving to Harvard—that's the principal reason—and also getting some return that we can look forward to on my retirement. It’s a win-win situation for everybody."

William Grana AB '64, MD '68 also knows about winning. A high-scoring All-Ivy fullback and AP Honorable Mention All-American football player at Harvard, he contributed to Harvard's 1961 Ivy League Football Championship. In the years following, he has gone on to work with many professional sports organizations, including the U.S. Olympic Committee and the Chicago White Sox.

Like Goldman, Grana has a strong bond with his former teammates that has also strengthened his ties to the University. Indeed, he and a group of them who have all gone on to become orthopaedic surgeons formed the Quigley Society in honor of the team's physician who inspired many of them to study medicine.

In recent years, Grana has also begun to plan for retirement from his medical practice. In the process, he has found that the flexible gift annuity—which allows an individual to choose the time at which quarterly payments will begin—fits his needs perfectly: "I'm still working fulltime, so I'm not ready to receive income back, and we can defer that for a period of time even past the age of seventy, which I find very attractive. I'm not sure when we may need this money, so if I can put it off, I'll do that."

Grana continues, "This flexible gift annuity is a great strategy for my retirement. I'll get both a tax deduction and some annual income in return. At the same time, it also fulfills what I see as an obligation to Harvard, for all the opportunities my education gave me."

To echo Carl Goldman’s sentiments—it's a win-win situation.