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Millionaires Next Door Create $4 million Endowment

Goldstein smiling The Milton S. and Geraldine M. Goldstein Young Scientist Endowment

Texas Biomedical Research Institute is the beneficiary of a $4 million gift from Milton and Geraldine Goldstein to create an endowment that assists promising researchers above the postdoctoral level. From modest, hard-working beginnings to the establishment of an enduring legacy, the Goldsteins are a true American success story. 

Milton Goldstein was a naturalized US citizen born in Poland in 1927. He moved to San Antonio with his family in 1933. From the age of 11, he worked along with his father at one of the first self-service department stores based in San Antonio. He always had strong ambitions as an entrepreneur, and after World War II, he built and managed small and medium apartment complexes in San Antonio. Having received a degree in journalism from the University of Texas, he aspired to share his life lessons. In 1992, he wrote Winner's Bible, his secrets for success in business and in life.

He met and married Geraldine in 1958. They lived in a 1950 vintage home in a modest, working class San Antonio neighborhood. They never had children but enjoyed short trips and spending time with their families and friends. They were frugal in both business and lifestyle. Milton's banker relates a story that Milton would regularly take out a short-term bank loan so that he could take the "2% net 10" discount then offered from construction suppliers. When their home was destroyed by fire, they moved into one of their apartments and rebuilt the home on the same foundation - only finishing the rooms of the house that they would use!

Milton and Geraldine always admired medical research and the vision of Texas Biomed's founder, Tom Slick. The Goldstein's incredible story will continue for generations, as their gift impacts the future of our community and our world, by providing young scientists with a helping hand early in their career.

"This gift comes at a time when young, aspiring researchers face an unusually difficult time getting their research funded. Level to flat funding of the National Institutes of Health, has made support of early-career research very challenging. In fact, a recent study shows that the average age of a scientist's first research funding award is now 42, which is unacceptable, in my opinion. I commend Milton and Geraldine Goldstein for their incredible foresight and generosity to help us address this challenge." Richard T. Schlosberg III, Chairman

A charitable bequest is one or two sentences in your will or living trust that leave to Texas Biomedical Research Institute 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, [name], of [city, state, ZIP], give, devise and bequeath to Texas Biomedical Research Institute [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 Texas Biomed 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 Texas Biomed 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 Texas Biomed 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 Texas Biomed where you agree to make a gift to Texas Biomed 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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