Engineering Creative Solutions Through Philanthropy
A mechanical engineer for 45 years, Morris Kaufman approaches philanthropy with the same problem solving acumen that he used in his vocation. Through a unique and inventive arrangement, Kaufman recently made two major commitments to City of Hope: a $1 million testamentary charitable remainder trust and a gift of $100,000 in appreciated stock. Created in honor of Chicago’s Howard S. Golden Chapter, the gifts reap significant tax advantages for Kaufman while enabling him to support his favorite charity.
 Morris Kaufman “engineered” a charitable remainder trust and a gift of appreciated stock. |
“When we needed help, City of Hope was there,” said Kaufman, referring to the treatment his late first wife, Annette, received at the medical center in the late 1970s. “I will never forget the extraordinary care she experienced.” Kaufman places a premium on efficiency in charity giving. “If you’re going to donate, don’t waste it on an organization that uses it for bloated administrative costs,” he said. “Give your money to those who put it where it can do the greatest good in research. That’s City of Hope.”
The gift of stock provides Kaufman with a deduction at its full, appreciated value and shelter from capital gains taxes. Both the stock gift and the charitable remainder trust represent a mutually beneficial arrangement for Kaufman and City of Hope. Kaufman encourages others in his situation to create financial strategies with City of Hope gift planners and their financial advisors. “I enjoy tax advantages while City of Hope advances its lifesaving research. It’s a win-win,” he explained.
Previously a Chicago resident, Kaufman lives in Northbrook, Ill., a suburb of the city. Now retired, Kaufman worked his entire career at Echo Products. He has one daughter, Gale, along with two grandchildren, Robert and Annie. Twice widowed, Kaufman now enjoys the company of his friends, including his longtime companion, Bertha Kass — a City of Hope supporter of more than 30 years and still-active member of the Howard S. Golden Chapter