Nothing is more important to a parent of a child facing cancer than finding the best hospital, and no cause is greater than ending cancer.
Jo Ann and J. Philip McCormick chose MD Anderson when their 15-year-old son, Scott, was diagnosed with osteosarcoma. The breadth of experience and expertise at MD Anderson were key in that selection, even though the McCormicks lived in Austin, more than 160 miles from Houston.
“Nothing can help a parent of a child with cancer, but the people at MD Anderson helped take the edge off ,” Philip says. “They helped us cope with our son’s illness, which improved our outlook and supported our positive and constructive attitudes.”
Scott received outstanding care from now-retired Norman Jaffe, M.D., then the premier expert in pediatric osteosarcoma. Scott completed junior high, graduated from high school and earned a degree in economics from The University of Texas at Austin. In 2002, at age 28, he passed away from a heart-related condition.
Endowment honors son’s memory
In memory of Scott, and in recognition of Jaffe, the couple established the Scott D. McCormick Endowment for Pediatric Cancer Research at MD Anderson in 2006. The endowment’s principal is invested and professionally managed by The University of Texas Investment Management Company (UTIMCO). Proceeds from the endowed fund will support pediatric cancer research in perpetuity. To significantly contribute to this worthy cause, and give more than he ever could, Philip, 78, also has named MD Anderson as the beneficiary of his life insurance policy. “MD Anderson has been a soft spot for us for a long time,” he says.
Supporting MD Anderson’s cancer research through a planned gift is a joy for the McCormicks, who are longtime donors to the cancer center. They like the ease, flexibility and tax benefits of giving to the institution. Their annual gift, which covers premiums for Philip’s life insurance policy, is tax-deductible, and they can elect to give stocks instead of cash. The couple believe this is a smart way to give as it allows them to avoid paying capital gains tax on stock gains.
Giving structure magnifies impact
Philip, a retired certified public accountant and business executive, sees this giving strategy as a win-win because it leverages the amount they can give and offers tax benefits.
“That’s not a double but a triple. It ought to appeal to a lot of people,” he says. He gives the example of buying 100 shares of a company’s stock at $10 per share for a total of $1,000. If you sold the stock after it rises to $100 a share, you would owe capital gains taxes on your $9,000 profit. But if you donated the shares to your favorite charity, you would get a tax deduction instead.
Growing up in a family that “lived from hand to mouth,” Philip started working at age 14. He credits these challenges with teaching him valuable life lessons that brought him success and says we all have a responsibility to give back. He believes that those who choose to give to MD Anderson can’t pick a better steward for their money.
Giving life insurance is an effective way to make a major impact at a relatively modest cost with no immediate out-of-pocket expense. By assigning ownership of a life insurance policy to a charity, a donor qualifies for an income tax deduction. For more details on this and other legacy giving options, visit our website or contact MD Anderson’s Planned Giving team at email@example.com or 866-928-9494.