Jack Strausman Uses a CGA to Reduce Tax Burden and Assist Future Stony Brook Scholars

More than 30 years ago, Jack Strausman, Esq. ’82, followed a colleague's advice and started putting funds each month into an account that grew impressively, leaving him facing a sizable capital gain with accompanying tax consequences. He soon learned of the tax and other advantages of establishing a deferred charitable gift annuity (CGA) through his alma mater — which he has done, improving his financial situation and helping Stony Brook at the same time.

“To create a gift that provides a charitable deduction, avoids capital-gain taxes, and increased my future retirement income with a great payout rate … it just made too much sense not to do it,” Jack says.

After graduating early from high school, Jack, who grew up in Hauppauge, was told he would not be allowed to sit around and needed to attend college close to home, so he chose Stony Brook. After spending a semester there, he was so impressed by its quality that he chose to complete his BA in political science at the University. Now, through his planned gift, he will be helping future students enjoy the same benefits he received.

“The person who dies with the most money does not win at life,” says Jack, who now resides in Washington, D.C. “Leaving a legacy that benefits future students who could use a hand makes me feel good.”

Jack encourages his fellow alumni to join him in making a planned gift, and especially to consider a CGA.

“I wanted to do something good with my money,” he says. “But getting a quarterly check from Stony Brook when I am older is just another added benefit!”