A very frugal man left a whopping $13 million to local charities after he passed away – but some organizations missed out on millions by thinking it was a scam.
Terry Kahn worked for the Veterans Administration for 30 years and quietly passed away in 2021 – with no announcement or obituary because they were too expensive.
The modest Indianapolis man left behind no immediate family – saying only to donate his money to ‘charity’ in his will, but not specifying which one.
Kahn’s attorney Dwayne Isaacs had the unique job of calling local charities and casually offering them millions of dollars.
While some charities were overwhelmed by the kindness – others were wary of the remarkable offer: ‘Probably three or four different entities that lost out because they just didn’t take my call,’ Isaacs told CBS news.
Terry Kahn worked for the Veterans Administration for 30 years and quietly passed away in 2021 – with no announcement or obituary because they were too expensive
Kahn’s attorney Dwayne Isaacs had the unique job of calling local charities and casually offering them millions of dollars
The modest Indianapolis man left behind no immediate family – saying only to donate his money to ‘charity’ in his will, but not specifying which one
While some charities were overwhelmed by the kindness – others were wary of the remarkable offer: ‘Probably three or four different entities that lost out because they just didn’t take my call,’ Isaacs said
Margaret Sheehan – CEO of Teachers’ Treasure – said ‘It was an act of amazing kindness to which I responded, “I need to sit down”‘
Kahn made his millions by pinching his pennies. He lived in a modest house in south Indianapolis and drove an old Honda.
The secret millionaire refused to carry a cellphone because they cost too much, he said.
His penny-saving ways paid off in the long-run because he made a huge difference for a dozen nonprofits that got to share his $13 million estate.
One of the charities was Teachers’ Treasure – a free store in Indianapolis for educators to go to for classroom supplies.
Margaret Sheehan – CEO of Teachers’ Treasure – said ‘It was an act of amazing kindness to which I responded, “I need to sit down.”‘
Sheehan said that Isaacs called at the right time – because the group was in the middle of a conversation about how to grow the company.
She recalls at first thinking ‘is this a scam?’ and then ‘what if it’s not?’
When Emmy Hildebrand, CEO of the group Helping Veterans and Families of Indiana, picked up the phone Isaacs said ‘what would you do with the $1 million?’
Julie Henson, vice president of development for Coburn Place – a nonprofit that provides support and housing to survivors of domestic violence, said that when the group answered the phone they ‘hovered above our own bodies, thinking, like, is this real?’
His penny-saving ways paid off in the long-run because he made a huge difference for a dozen nonprofits that got to share his $13 million estate
Kahn made his millions by pinching his pennies. He lived in a modest house in south Indianapolis and drove an old Honda
Teachers’ Treasures CEO Sheehan said that Isaacs called at the right time – because the group was in the middle of a conversation about how to grow the company.
Isaacs said that Kahn requested a ‘simple will’ – but emphasized he did not want to give the money to his alma mater, USC, because they have enough money
Julie Henson, vice president of development for Coburn Place – a nonprofit that provides support and housing to survivors of domestic violence, said that when the group answered the phone they ‘hovered above our own bodies, thinking, like, is this real?’
Isaacs, who had a similar reaction from all twelve nonprofits, said ‘He’s smiling some place, there’s no doubt about it. He would be getting a kick out of this.’
Isaacs met Kahn in the mid-1990s through work with the Health Foundation of Greater Indianapolis, a grant-making entity formed in 1985 from proceeds of the Metro Health HMO sale.
The pair began meeting every month for 10 years to eat lunch. Over the course of this time Kahn began to share details about his life, saying that his parents fled Nazi-Germany and settled in the U.S.
Kahn and his sister grew up in Tucson and he later attended the University of Southern California where he earned a degree in Psychology and Public Administration – while also playing tennis.
He enlisted in the U.S. Army and served three years in Vietnam and then settled down in 1976 and living in a middle-class area of Indianapolis.
The charitable man never married and didn’t have children, his sister died in her 40s leaving behind a son and daughter who Kahn was estranged from for unknown reasons.
Isaacs said that Kahn requested a ‘simple will’ – but emphasized he did not want to give the money to his alma mater, USC, because they have enough money.
Kahn insisted he didn’t care which charities his money went to and left Isaacs with the final decision.
