Honoring Mount Sinai Through Charitable Gift Annuities
Raffi Kutnerian was born and raised in The Bronx, New York. Little did he know that his childhood friend, Louise, would become his wife. They married at age twenty-one and navigated life’s challenges and triumphs together for the next sixty-three years. Fifty-three years ago, they moved to a village in Westchester County.
In 2006, Raffi Kutnerian was diagnosed with multiple myeloma, a relatively rare cancer of the bone marrow. He immediately started and has continued treatment under the care of Dr. Sundar Jagannath, a renowned expert in the research and treatment of multiple myeloma. Kutnerian has been a patient of his for seventeen years.
Kutnerian wholeheartedly believes Dr. Jagannath, Director of the Center of Excellence for Multiple Myeloma at Mount Sinai and Professor of Medicine (Hematology and Medical Oncology) at The Tisch Cancer Institute, is responsible for him still being alive all these years later.
“Those who are familiar with business organizations know that goodwill, esprit de corps and competence are the result of the training of the manager,” Kutnerian said. “In this instance, that ‘manager’ is Dr. Jagannath. He has not only molded his organization into people that practice world-class medicine but are also warm, compassionate, and patient friendly.”
Throughout Kutnerian’s cancer treatments, Louise embraced the role of caregiver. Her dedication to Raffi's care meant that many at the treatment clinic knew Louise with respect and affection. When she passed in 2020, Dr. Jagannath took the time out of his day to call Kutnerian, and sent a handwritten condolence note.
Raffi and Louise Kutnerian
After years of loyal annual giving to the multiple myeloma program, Kutnerian wanted to explore other options. In partnership with the Development team at Mount Sinai, Kutnerian established a charitable gift annuity (CGA) with Mount Sinai that will directly benefit its multiple myeloma program and provide him with reliable, fixed payments for life.
To maximize the impact of his gift, Kutnerian decided to fund his CGA with a gift of stock. He did so to avoid the capital gains tax that would come with selling the stock and donating the proceeds. This way, his gift could make an even greater impact at Mount Sinai.
Based on the Commandment that “It is better to give than receive,” Kutnerian sees that he has been a receiver throughout his life and needs to give to “balance the books a little,” and he has created his legacy at Mount Sinai. He encourages others to consider donating securities they have owned for more than a year. Doing so has allowed him to give back and feel secure in his retirement years.
“The people in the program and the atmosphere they have created are extraordinary,” he said. “They—all of them, from the doctors down through the nurse practitioners, the RNs, the blood room, the housekeeping and the security staff—make you feel as if you are a frequent guest that they are happy to see once more.”
To learn about how you, too, can give back to Mount Sinai, please contact Nora Nasif Rahaim at 212-659-8500 or plannedgiving@mountsinai.org.
At a Glance: Charitable Gift Annuities
- Receive dependable cash-flow for retirement, regardless of fluctuations in the market.
- In many cases, receive payments at a rate higher than the interest you are currently receiving on investments.
- Receive an immediate income tax deduction for a portion of your gift.
- A portion of your annuity payment will be tax-free for a number of years.