Philanthropic Couple ‘Spreads the Wealth’

Alden and Dorothy Siegel

Dorothy “Doll” and Alden Siegel

Alden and Dorothy “Doll” Siegel decided long ago that they didn’t need a yacht or a jet or a trip around the world. Instead, their priority has been to use their extra dollars to improve others’ quality of life.

“I don’t think there’s anything more important than our hospital,” says Mrs. Siegel, who was a registered medical technician earlier in her career.

The Siegels became connected to Morristown Medical Center through their Realtor, Mary Horn, who mentioned the Bargain Box Thrift Boutique, operated by the Women’s Association of the hospital. Mrs. Siegel began volunteering there, and the Convent Station couple’s commitments to Morristown Medical Center have grown ever since. They donate annually and made a future gift to the Foundation through Mr. Siegel’s IRA, making them members of the Brookfield Legacy Society. Mr. Siegel also serves on the society’s Advisory Council.

“We have been lucky in many ways, and at this point, we’re happy to support something that will benefit many people,” says Mr. Siegel, who had careers in insurance and finance. “Obviously, we’re hoping that someday we may get some benefits out of it. Right now, it’s fun to think about ‘spreading the wealth.’”

For him, doing something that benefits both his family and others is important.

“What could be better than giving to the hospital?” he asks.

Use Your Generosity to Make an Impact

Like the Siegels, you can make a meaningful gift to support Morristown Medical Center. Contact Cynthia W. O'Donnell, JD at 973.593.2418 or cynthia.odonnell@atlantichealth.org to discuss your giving options.

A charitable bequest is one or two sentences in your will or living trust that leave to the Foundation for Morristown Medical Center 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 the Foundation for Morristown Medical Center, a nonprofit corporation currently located at 475 South Street, Morristown, NJ 07960, 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 Morristown Medical Center 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 Morristown Medical Center 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 Morristown Medical Center 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 Morristown Medical Center where you agree to make a gift to Morristown Medical Center 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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