A Brighter Tomorrow for Family and Stanford Medicine
Dr. Michael Maginnis, BA ’61, MD ’64 with wife, Gail
Dr. Michael Maginnis Discovers a Giving Option That Seems "Too Good to Be True"
When Michael Maginnis, BA '61, MD '64, first learned about charitable gift annuities (CGAs), he thought they sounded almost too good to be true.
"I had to check this out," he says. The orthopaedic surgeon was heading toward retirement for the third and final time.
He had enjoyed a busy 20-year military career with the Navy, beginning his practice at the San Diego Naval Hospital. He and his wife, Gail, whom he met while she was a teacher living on Coronado Island, moved with the Navy to Boston, Orlando, and Japan, finally settling in Charleston, South Carolina, when he retired with the rank of captain. Fourteen years in an orthopaedic group practice in Charleston rounded out his second retirement. Then, with orthopaedic surgeons in high demand, he spent another nine years as a part-time locum tenens (contract) surgeon.
After the stock market volatility of 2008, the couple was looking for a steady stream of income. They had also wanted to give back to Stanford Medicine in some way.
"The charitable gift annuity seemed like a wonderful way to do a combination of upping our charitable donation to Stanford University School of Medicine and receiving a reliable fixed annual payment," says Dr. Maginnis.
The couple was pleased by the tax advantages of the gift, the payments they've been receiving since they established their first gift annuity, and the fact that the principal of their gift will eventually be used to support the School of Medicine.
They have directed that their gift be used for the unrestricted purposes of the medical school. This use enhances the value of their gift further because the dean can determine the most important use at the time the gift is available to be expended.
The Maginnises have established two charitable gift annuities and may eventually create another one. In addition, the couple is very satisfied with the fixed payout rate they are receiving. "All our eggs are not in one basket, but the Stanford charitable gift annuity is one of our best baskets."
In May, they will be heading back to Stanford for the 50th reunion of Dr. Maginnis' Stanford University School of Medicine class. As a member of the pioneer Class of 1964, he and his classmates began their studies in Palo Alto before construction on the current Stanford Hospital was completed.
On this visit, they will have a chance to tour the construction site of the new Stanford Hospital, and learn what is in store for future Stanford orthopaedic surgeons and their patients.
To learn more about how you can create a secure future payment for yourself or your loved ones, and support the future of Stanford Medicine with a charitable gift annuity, contact the Office of Planned Giving at 650.725.4358 or pgmed@stanford.edu.