Grodsky Family Sustains Baystate Health with a Gift to Endowment

Jeff Grodsky recently spent an afternoon in Baystate Medical Center’s Sadowsky Family Pediatric Emergency Department with his daughter, who had been hurt in a ski racing accident. It wasn’t the first time. There was the time that Jeff’s son was rushed by ambulance from Vermont to Baystate Medical Center at the age of 10, after another, more severe, traumatic injury on the slopes. And, long ago, there was a diagnosis that saved his infant daughter’s life. “We’ve had our share of stitches and broken bones,” he says. The history of the Grodsky family has long been entwined with the history of Baystate Health.

For five generations, starting with Scott and Jeff Grodsky’s great-grandparents and continuing with their children, Grodsky family members have been born and cared for at Baystate Health. Jeff’s father-in-law and brother-in-law — Richard Engelman, MD and Daniel Engelman, MD — are cardiac surgeons on the medical staff at Baystate Medical Center.

In 2015, the Grodsky family became an intrinsic part of Baystate Health’s future, as well as its history – through a meaningful gift to endowment. “We’re involved in other charities, as well, and we know that endowment income is essential,” says Jeff. “We also know that, relative to peer organizations, Baystate’s endowment is relatively small. And they do so much. We’re so lucky to have such easy access to the kind of specialty care Baystate Health provides.”

“The more you see in the world, the more you realize how important it is to have Baystate Health in western Massachusetts,” says Scott. “They have the capability to handle just about anything, and so many of our family members and friends – including our own employees at Harry Grodsky & Co. – have been treated there. Everybody in the area is impacted in some way by Baystate.”

“That’s why we set up an endowment fund,” Scott continues. “There’s a permanency to it – a way to invest in the long-term future of the region.”

A charitable bequest is one or two sentences in your will or living trust that leave to Baystate Health Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Baystate Health Foundation, a nonprofit corporation currently located at 759 Chestnut Street, Springfield, MA 01199, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Baystate Health or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Baystate Health as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Baystate Health as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Baystate Health where you agree to make a gift to Baystate Health and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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