Doctor's Orders: A Healthy Dose of Giving

Anthony Zangara, MD, serves on theFoundation legacy council and helps withemeritus physicians.

Anthony Zangara, MD, serves on the Foundation legacy council and helps with emeritus physicians.

Pediatrician Anthony Zangara, MD, is so enthusiastic about being a member of the Brookfield Legacy Society that he shares its pamphlets with his Morristown Medical Center colleagues. It's only fitting since he learned about gift annuities and other planned gifts from a fellow physician.

"I talk it up with the other doctors; I carry around about four or five brochures at a time to give to various doctors," he says. "The benefits are so good, not only for the hospital but also for the person donating." Through the Foundation, Dr. Zangara created a charitable gift annuity (CGA), which helped him meet his philanthropic and financial goals. Through this CGA, he receives fixed payments for life, an initial charitable tax deduction and the satisfaction of contributing to the place where he forged a successful career.

Dr. Zangara grew up nearby, in Boonton, and attended Brown University, Tufts University School of Medicine and the Harvard School of Public Health.

During medical school, he worked in the morgue at Morristown. It wasn't until 15 years later that the young pediatrician returned as director of medical education. His wife, the late Joan Kelsch Zangara, was hired as a cardiologist.

He stopped practicing in the early '90s to care for Joan, who had developed Alzheimer's disease. Throughout everything, Dr. Zangara remained a teacher. Currently, he instructs medical students on physical diagnosis at the hospital.

"I'm always talking up the hospital," says the grandfather of 14. "Morristown Medical Center gets such good results. People ask me if I get sick, where I'm going. I tell them I don't plan on going anywhere else."

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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