Gifts to Morristown Medical Center Also Help Loved Ones
Longtime donor Ed Reid wanted to be clear on one point regarding his two recent donations of $1 million each in gift annuities toward Campaign 3SIXTY at the Foundation for Morristown Medical Center: "No one had to twist my arm."
"My late wife, Lois, was treated with so much kindness during her stay at the hospital, particularly by Dr. Stephen Schreibman," says Mr. Reid. "I will never forget how well she was cared for by everyone on staff."
Several years ago, Mr. Reid permanently endowed the Lois A. Reid Fellowship in Breast Imaging by giving $1.3 million to the Carol W. and Julius A. Rippel Breast Center, where Lois had been treated for breast cancer.
"As far as my two recent donations to the hospital, I chose the gift annuity approach because it gave me the opportunity to ensure an income source for both my wife, Ruth, and my sister," says Mr. Reid. "I named them each as the principle beneficiary of their own gift annuity because this will guarantee a steady stream of income to them for life."
In this situation, the hospital receives monies that can be used exactly like cash. There is no need for an attorney because the donor simply can transfer securities or give cash to the Foundation, and the Foundation will draft the agreement. One or two income beneficiaries can be chosen. The best news, for the donor, is that there are capital gains tax savings attached to this transaction.
In the last few years, Mr. Reid has changed his permanent address to Florida, but the ties that were formed with the hospital during his 42 years as a resident of Madison, New Jersey, remain strong. "The hospital has shown me that they are moving ahead and are always expanding their medical horizons," says Mr. Reid. "This kind of forward thinking is very appealing to me."