GBMC Welcomes Newest Yaggy Society Members

Jim and Virginia Phillips grew up in Baltimore’s Hampden neighborhood. Both remember when the mills along Jones Falls between 41st and 29th Streets were still used for their original purposes. They attended local schools. Jim went to Baltimore City College and University of Baltimore Law School and Virginia attended Clara Barton School. Jim was headed for a law career, and Virginia was working at O’Neill’s department store when they met again at a Baltimore Museum of Art concert. They recently celebrated their 58th wedding anniversary.

Parents of Priscilla Calvert, who worked at GBMC, they have been heroes at GBMC for years. “We met Dr. John Wogan during his presentation at Oak Crest, and we have been patients,” according to Virginia. She also said, “We wouldn’t think of going anywhere else.”

Jim explained why they decided to contribute $100,000 to a GBMC Charitable Gift Annuity, “We see a bright future for GBMC. ” Desiring to continue their GBMC support, the Phillips crunched the numbers, “We had an opportunity to be charitable to a great hospital. We considered what would happen if I died and part of my pension was lost. By making this gift, our assets would be subject to less Federal Estate tax. Finally, comparable payout commercial annuities would cover only one life and could only guarantee income for 10 years. Both Virginia and I will receive $7,100 each year, for the rest of our lives. Nominally, it is a rate of 7.1%, but with the tax-free income, the tax-adjusted rate is actually much higher.”

Jim and Virginia Phillips say that they could not be happier with their GBMC Charitable Gift Annuity. According to Jim, their Charitable Gift Annuity is a great investment for them and for GBMC, “For people of our ages, circumstances and needs, this is about as good a deal as you could make.”

Click here to read more about how a Gift Annuity helped Jim & Virginia.

GBMC Foundation
6701 North Charles Street
Baltimore,MD 21204
443-849-3303 | Fax: 443-849-3739
E-Mail: JJeppi@GBMC.org