FOUNDATION JOURNAL Morristown Medical Center & Goryeb Children’s Hospital SPRING 2020
FOUNDATION JOURNAL EDITOR Anna O’Sullivan
Congratulations to the 2020 Board of Trustees Officers & New Members
ASSOCIATE EDITOR AND STAFF WRITER Laura Deal
OFFICERS
DIGITAL STRATEGY Michelle York
Chairman Robert Tafaro Vice Chairman Marc Adee
EDITORIAL SUPPORT AND FACT CHECKING Michelle Meszaros CONTRIBUTORS Sal Benedetto Photography Maureen Boulanger Lisa Duff Miguel Farias Jenna Giudice Susan Johns Gerri Kling Julie Kimmel Dave Martin Jamie Meier
Secretary Lori Ingber, PhD Executive Vice President Trish O’Keefe, PhD, RN
President, Morristown Medical Center, Vice President of Atlantic Health System
Treasurer Joseph Graff, CPA Assistant Secretary Cynthia W. O’Donnell, JD
Live Love Lens Photography
Joette Rosato Cynthia W. O’Donnell, JD Meg Walters
Robert Tafaro
Marc Adee
Lori Ingber, PhD
Crazy Dog Design
Michelle York FOUNDATION FOR MORRISTOWN MEDICAL CENTER JIM QUINN Chief Development Officer
Trish O’Keefe, PhD, RN
BONNIE GANNON Director of Corporate and Foundation Relations
Joseph Graff, CPA
Cynthia W. O’Donnell, JD
NEW MEMBERS
CHRISTINE HAJSOK Director of Finance and Data Management
Robert D. Bailey
Walter Lewis, MD
John “Jack” Burke III
Thomas P. Mac Mahon
MICHELLE MESZAROS Donor Relations Manager
Mary Courtemanche
Brenda Matti-Orozco, MD, FACP
Kelly A. Frank, CPA, CGMA
Juliet Patsalos-Fox
Harvey Gerhard, MD, Ex-Officio
Andrew “Kreamer” Rooke, Jr.
Christine C. Gilfillan
James Wittig, MD
CYNTHIA W. O’DONNELL, JD Director of Planned Giving ANNA O’SULLIVAN Communications Manager JOETTE ROSATO Director of Annual Giving LEE WILLIAMSON Director, Principal Gifts and Campaigns
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Designed by 7 Layer Studio
For a full list of 2020 Board of Trustees, visit
f4mmc.org/about/trustees
IN FOCUS
HELPING KIDS BE KIDS
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hen a child walks through the doors of a hospital, it can be a terrifying experience in their eyes. Having a Child Life specialist greet them, attend to their needs, use play as a distraction, explain their procedure in simple terms and intervene on their behalf provides comfort for the child, their family and the clinical team.
“Easing the fear and anxiety of both the child and the parent is a significant benefit for helping the healing process,” Summit Area Public Foundation Trustee Jim Fleischmann said. “The Child Life specialist provides the patient and the parent with comfort, emotional support and referrals of outside supportive services. We thought it was a very worthwhile project.” A recent $10,000 gift from The Summit Area Public Foundation helped to increase the Child Life staff at Goryeb Children’s Hospital to five specialists. According to the American Academy of Pediatrics, Child Life services help to reduce the length of hospital stays and related health care costs, reduce the use of pain medications and improve the wellbeing of the patient and family. These programs have become the standard in large pediatric settings to address the mental, emotional and developmental concerns that accompany hospitalization and other health care experiences. Despite the known benefits, Child Life does not receive reimbursement from insurance.
Child Life DONORS CTW Foundation, Inc. Margaret and Peter Chang Foundation Patrick and Amy Layng Shawn and Erica Brennan
Joy in Childhood Foundation Novartis Corporation Peerless Beverage Company The Summit Area Public Foundation
Weldon Materials
Our Child Life specialists cover many areas of the hospital beyond pediatrics, including supporting children of patients who are undergoing care elsewhere. A mission worth fighting for every day. CHILD LIFE SPECIALISTS' HOSPITAL COVERAGE Joan and Edward Foley Pediatric Intensive Care Unit • Ryan Family Pediatric Inpatient Unit South Vanech Family Pediatric Inpatient Unit • Aresty Family Day Hospital • Gagnon Pediatric Emergency Department Valerie Fund Children’s Center • Farris Family Center for Advanced Medicine in Pediatrics
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| GAGNON
SILVERMAN’S GOLDEN RULE
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GROWING FORWARD CAMPAIGN
ernardsville residents Ken and Claudia Silverman’s benevolence spans continents and decades, and health care is at the heart of their generosity. From funding stem cell research in England to their recent $1 million gift to expand Gagnon Cardiovascular Institute, they are passionate about building healthy communities.
financial resources who need to access the hospital regularly.
Here’s a glimpse at how their generosity has made a difference: Dear Mr. and Mrs. Silverman,
“We believe in Morristown Medical Center,” Ken Silverman said. “My wife and I feel it’s important to be active in the local hospital.”
I wanted to take a moment to thank you for your generous gift to our parking program. Recently in our Cardiac Critical Care Unit, I met a young wife in her 30s whose husband had suffered a devastatingly sudden cardiac arrest.
Through the Kenneth and Claudia Silverman Family Foundation, the Silvermans frequently give to health care, organizations that support children and higher education institutions in ways that define their priorities and character.
After many days, she shared with me that she had been sleeping in her car. I was shocked as she explained that she did not have enough money for parking to be able to go home and, as the weather was turning colder, asked to borrow a blanket. When I returned with a Silverman Parking Pass and explained she could come and go as necessary, she broke down as she hugged and thanked me for my kindness.
The Silvermans are creative in finding ways they can meet a person’s basic needs. For example, their foundation gave $25,000 in 2018 to begin a parking pass program at Morristown Medical Center. "A Silverman" is the nickname for the free parking ticket provided to families with limited
I am happy to report that the young woman’s husband woke up after 38 days in our critical care unit and has not stopped talking since! Again, thank you both for your generosity. Sincerely, Jackie, Patient Liaison
TWO HEARTS, TWO FLOORS
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fter 60 years of work in the legal system, the Honorable Alfred Wolin, Esq. could interpret evidence and hand down verdicts in his sleep. So, when the 87-yearold Warren Township resident and retired senior Judge of the United States District Court for New Jersey had a routine heart procedure, under the care of Doctors Philippe Genereux and John Brown, he quickly gathered all the facts he needed. He and his wife, Jane, were so impressed with the facility, its technology and the care, they
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decided to give a generous donation to the Gagnon Cardiovascular Institute expansion as part of the Growing Forward Campaign through their foundation, The Alfred and Jane Wolin Foundation, sponsored through the Jewish Federation of Greater MetroWest, NJ. Jane Wolin had an equally impressive experience. While receiving a stent in her heart, she was taken back by the technology available during this routine procedure. “I thought it was wonderful,” Jane Wolin said. “I was able to watch the entire thing on a
tiny screen. It was amazing.” Alfred Wolin elaborated on his decision: “Gagnon is a step ahead of all the other medical centers in the area, and my wife and I felt that it merited a contribution.”
IT’S ALL IN FOR THE KRAUSER-WELSH FAMILY
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onating a generous gift toward the expansion of Gagnon Cardiovascular Institute, a part of the Growing Forward Campaign, is a group effort for the entire Krauser-Welsh family. The reason they are making such a generous gift? Honoring the legacy of the late Arthur and Faye Krauser means everything to them. The Krauser children, Barry and Bonnie, and all five of the grandchildren contributed to the donation. For the Krausers, community engagement reflects their past and their present. When Arthur and Faye Krauser moved to Morristown in the 1930s, the couple settled in quickly. They were active members in the
Morristown Jewish Center. Arthur Krauser lent his time to civic and political activities. He became the Democratic County Chairman for Morris County and was appointed to the Morris County Tax Board. He worked tirelessly for family, friends and neighbors, helping them in any way he could. His friends, eager to honor him, hosted the Arthur D. Krauser Testimonial Dinner in 1966 at the Morristown Armory, celebrating his contributions to the community. Many state and local representatives attended the gathering including past governors and the sitting governor — Governor Richard J. Hughes — along with Arthur Krauser’s adoring family.
Arthur D. Krauser at his Testimonial Dinner in 1966.
His wife, Faye, had a loving way about her, like her husband. She managed an upscale, women’s dress shop on South Street and had a keen sense of fashion as a buyer for the store. Her love of cooking often found family and friends nestled in her kitchen for an inviting meal. Throughout the years, many Krauser family members received care at Morristown Medical Center. “We’ve been at the hospital a lot — from taking the ambulances to the Sameth Emergency Department at Morristown Medical Center to Gagnon Cardiovascular Institute — and the world-class care has been very comforting to us,” Bonnie Krauser-Welsh said. We are thankful to have such a magnificent medical facility in our community.”
HEALTH CARE FOR ALL AGES
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homas P. Mac Mahon didn’t have to think twice about his recent $2 million pledge to the Growing Forward Campaign. The New Vernon resident and member of the Foundation for Morristown Medical Center’s Board of Trustees was quick to give many reasons behind this generous contribution. “I’ve watched with great joy the growth of Morristown Medical Center. As you get older, you are always thinking about health care. The reality is we have a wonderful place right here in Morristown and don’t have to travel to find
experts. My wife, Sally, and I are very happy about that,” Mac Mahon said. His reasons keep coming. “My children and six of my eight grandchildren were born at the hospital,” Mac Mahon added. “A few of my grandchildren spent time in Sam’s NICU when they were born.” The Mac Mahons split their gift: with $500,000 going toward the renovation of Goryeb Children’s Hospital and $1.5 million for the expansion of Gagnon Cardiovascular Institute. One last reason for giving: “I’ve spent my entire career in the health care industry, and I wanted to give back to the industry that gave me so much,” Mac Mahon said. The 73-year-old spent much of his career as chairman and CEO of Laboratory Corporation of America.
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GROWING FORWARD CAMPAIGN
| GORYEB
NEW YORK JETS BOLSTER FIGHT OF PEDIATRIC CANCER, CARDIOVASCULAR DISEASE New York Jets’ Captain and Quarterback Sam Darnold’s cleats, signed by patients at Goryeb Children’s Hospital.
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ne of the lesser known benefits of being the Official Health Care Partner of the New York Jets is the support that the franchise provides to Atlantic Health System patients. From charitable fundraisers to impactful visits to memorable moments, in 2019, patients at Goryeb Children’s Hospital and Morristown Medical Center’s Gagnon Cardiovascular Institute saw the largest benefits from the partnership thus far. The New York Jets Legends Charity Golf Classic held on August 12 — an annual event — raised $63,475 to help with expansion efforts at Gagnon Cardiovascular Institute, nationally ranked in Cardiology & Heart Surgery by U.S. News & World Report since 2012. This past fall, the Jets rallied fans to participate in their 50/50 raffles during home games at MetLife Stadium, which resulted in more than $84,000 to support the expansion and renovation of Goryeb Children’s Hospital and Morristown Medical Center’s Gagnon Cardiovascular Institute. As part of the NFL’s Crucial Catch cancer awareness program, more than $52,000 went to the
expansion and renovation of the Valerie Fund Children’s Center at Goryeb Children’s Hospital, which supports children and adolescents with cancer and blood disorders. The balance of the funds raised, $32,633, helped add two floors to Gagnon Cardiovascular Institute. Giving special attention to pediatric patients is also a passion for this football franchise. Jets’ players surprised many young faces at Goryeb Children’s Hospital with unexpected visits. A few of these young patients were given the big title of honorary captain at the October 14 home game. They hustled in for warmups with the team and oversaw the coin toss before kickoff. A conversation with New York Jets’ Captain and Quarterback Sam Darnold on the field meant everything to Honorary Captain Ethan Geller, a brain cancer survivor. “I have a super adrenalin rush right now,” the 11-year-old Geller said. Geller had his jersey signed by Sam Darnold on the sidelines before kickoff. During the October 21 game, Jay Ziegler, a recent Gagnon patient whose life was saved after collapsing from heart complications, was named
honorary captain for the night. A lifelong Jets fan, Ziegler oversaw the pregame coin toss against the New England Patriots. He credits the physicians at Newton Medical Center and Morristown Medical Center’s Gagnon Cardiovascular Institute for saving his life. “My family and I are eternally grateful,” Ziegler said. Wrapping up the season with a final sprint toward doing good for the hospital, Sam Darnold sported cleats during the December 8 game against the Miami Dolphins signed by patients at Goryeb Children’s Hospital for the #MyCauseMyCleats Campaign. This campaign — a national NFL initiative — allows players to raise money for personal causes by auctioning their cleats off through the official NFL website. The final bid for Sam Darnold’s cleats went to Joe Goryeb, bringing in an additional $1,750 for Goryeb Children’s Hospital. The cleats will be permanently installed at the hospital later this year.
For more information on the partnership with the New York Jets and a video of Sam Darnold opening the decorated cleats, visit: atlantichealth.org/about-us/partnerships/ny-jets-partnership 6
A LASTING IMPRESSION OF FAST CARS AND FREEDOM
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hile being treated at the Valerie Fund Children’s Center at Goryeb Children’s Hospital, Cristina Commerato talked about her love of race cars all the time. Next thing she knew, she was cruising in a Porsche 911 with Rick Goryeb. “When Mr. Goryeb found out how much I loved cars, he called my dad to see if my sister and I wanted to go for a ride,” the 21-year old lymphoma survivor, said. “All I could think of was: I am so in.” The threesome started out at High Marques Motor Cars, in Morristown. Cristina Commerato was prompted by Rick Goryeb and his friend, John Vogt the shop’s owner, to sit in one of the showroom’s cars, and they strapped her in. “Mr. Goryeb was so willing to ensure I had a good time,” Commerato said. “It’s not like he does this all the time as a formal program. It was just for me, it was unreal.” Making someone else’s day special — especially when it comes to kids — comes naturally for this Foundation for Morristown Medical Center trustee, who, along with siblings Joe and Lynne, recently gave a lead gift to the Growing Forward Campaign to help with expansion efforts at Goryeb. Rick Goryeb’s wife, Leslie, also has a heart for helping children. One of her initiatives is building support networks for pediatric behavioral health issues, such as suicide, with Goryeb Children’s Hospital and the community. Her love for the hospital is analogous with her husband’s dedication. The Goryeb clan’s involvement began
in 1997 when Joe and Marguerite Goryeb, along with their children Rick, Joe and Lynne, provided the seed money to launch the children’s hospital. Years later, Rick Goryeb began volunteering as a trustee and came on board the Goryeb Philanthropy Council (GPC). In 2016, he stepped up to co-chair the council alongside Gaines Mimms, MD, a neonatologist at Goryeb. Spearheading the construction of a new Child Development and Autism Center, seeding funding for a Child Life specialist position and providing funding for equipment including the Fibroscan®, are some of the recent milestones the GPC has accomplished. Gerri Kling, a major gifts officer at the Foundation, keeps the group rolling along. “Without her, there wouldn’t be a GPC,” Goryeb said. “Gerri deserves
a lot of the credit for doing all of the behind-the-scenes work.” In addition to his leadership role at the hospital, racing cars also gets onto his to-do list. Goryeb reminisced about the time he brought his race car to the hospital. He pulled up in a Mazda Miata and handed over a marker to a crowd of antsy pediatric patients, letting them sign the hood. “Rick has a big heart,” Kristin Holtzman, CCLS, Goryeb Child Life specialist, said. “The children forgot for a moment why they were in the hospital.” Being there for others is something that Rick Goryeb learned from his dad. “He was always positive and sincere,” Goryeb said. “When you met my dad, people said you felt he truly cared about the moment he was in with you.”
Rick Goryeb poses with Cristina Commerato, former Goryeb Children's Center patient, and her sister, Alisa, in front of the High Marques Motor Cars showroom.
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| SIMON
LOVE THY NEIGHBOR
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GROWING FORWARD CAMPAIGN
uilding a healthier community takes pitching in from the whole neighborhood and no one knows this better than the Margaret A. Darrin Charitable Trust. A recent $500,000 grant from the Florham Park-based charity to Morristown Medical Center would have suited the late Margaret A. Darrin since her life’s work was devoted to helping people in difficult circumstances. The gift will go toward the Growing Forward Campaign, specifically earmarked for the renovation of the Carol G. Simon Cancer Center lobby, to provide a convenient, one-stop, outpatient care experience. When presented with options of where their gift could best be utilized, the Darrin Trust found it compelling to help ease any added burdens on patients managing a cancer diagnosis. Providing a Patient Access Center in the new lobby with a registration area allowing patients to check in once for multiple appointments, will make the patient experience less overwhelming. “We know that those facing a cancer diagnosis are subject to considerable pressure,” Michael Hanifin, Darrin Trust trustee, said. “Our
commitment to underwrite the entrance lobby is being done with a desire to create a welcoming atmosphere and admissions process that will hopefully alleviate some of that stress.” Patient-centric care is a core belief at the Carol G. Simon Cancer Center, and donations from the community make a huge difference. “Our patients inform everything we do,” Eric Whitman, MD, medical director, Atlantic Health System Cancer Care, said. “They inspire us to go further, to reach higher. This is what drives our mission and what distinguishes the Carol G. Simon Cancer Center from our competitors.”
A PORTRAIT OF GRATITUDE
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he late Beverly McClafferty loved to paint flowers and stars as part of the Art Therapy Program at the Carol G. Simon Cancer Center. It got her out of the house and took her mind off more pressing matters. She wrote an inscription on one of her favorite pieces that read: “I was floating amongst the stars…There were many flowers supported by many stars, so I guess you could say that was hope.” Her husband, Charlie, was grateful for his wife’s experience at the hospital and recently gave $50,000 to the Growing Forward Campaign earmarked for renovation of the Infusion Center at Carol G. Simon Cancer Center. Watching his wife go through
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treatments wasn’t easy for McClafferty, but the Integrated Medicine Program classes available to his wife provided an irreplaceable support system. Reiki, art therapy and music therapy began to fill Beverly McClafferty’s days. “The IM Program got her out of the house when she could have easily been sitting home depressed,” Charlie McClafferty said. “She met many people. It gave her tools to deal with her anxiety.” McClafferty knew that his wife’s quality of life during this time couldn’t have been better. “Beverly survived seven years in treatment, and six and a half of those years she lived fully,” McClafferty said.
“In my mind it is strictly a function of the care she received here.” While at a recent Carol G. Simon Cancer Center event, McClafferty left with a gift bag, which included a set of notecards. Flipping through the pack, he saw Beverly’s flower and star painting on one of them. “It was an emotional moment for me,” McClafferty said. “This institution made my wife’s life better, and it made my life better. If there is anything I can do to help, I will.” Painting by Beverly McClafferty from the Art Therapy Program
CORPORATIONS AND FOUNDATIONS
DOING WELL BY DOING GOOD A Day in the Life of Marc Adee
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arc Adee, Crum & Forster chairman and CEO, loves his community. Sitting on two corporate and two philanthropic boards, including the Foundation for Morristown Medical Center's Board of Trustees, Adee enjoys helping others thrive.
On any given day, Mr. Adee is doing good for himself, his family, his company and his community: 5:00am Works out at home. “This morning, I did the rowing machine, some weights and then downed my usual protein slop,” Adee said. 7:15am Drives his twin daughters, Katherine and Elizabeth, to school. 7:30am Arrives at his office in Morristown. “While pumping coffee, I get ready for my day,” Adee said. 8:00am to 12:00pm He spends in meetings, returning phone calls and reflecting on his industry. On Thursday, October 17, 2019, Adee spoke with Bonnie Gannon, director of corporate and foundation relations at the Foundation for Morristown Medical Center. He was hosting an event for business and community leaders with Eric D. Whitman, MD, medical director, Atlantic Health System Cancer Care, later that day. 12:00pm to 1:00pm Crum & Forster is well-known for its healthy cafeteria. “I eat lunch there on most days with any subset of my gang,” the CEO said. “If I am feeling disciplined, I’ll order the salad. Sometimes it’s something more substantial.”
After a meal of BBQ, Adee is glad that he keeps up with his workouts. “Crum & Forster supports the Executive Health Program at Morristown Medical Center,” Adee said. Through this program, Crum & Forster’s executives can screen for the early detection of certain diseases. The Far Hills resident is always finding new ways to give back, and his employees seem to follow his lead. “Our company matches gifts,” Adee said. “I encourage employees to sign up for Habitat for Humanity or to work in soup kitchens, but it’s ultimately their choice.” Adee paces himself well. “I average about one day a month in charitable tasks,” Adee said. “Some weeks it’s five days in a row of philanthropy, and then it is zero for a while. It’s good for me to do what I do, and I want my employees to find ways to give back that are meaningful to them.”
1:00pm to 4:00pm Adee writes reports, thinks through initiatives and reads his mail. Opening a note from Finn Wentworth, former chairman of the Foundation for Morristown Medical Center's Board of Trustees, he reads: “Thank you for Crum & Forster’s generous $250,000 gift to the Growing Forward Campaign toward the expansion of Gagnon Cardiovascular Institute.” 5:30pm Leaving work, “I have a rotation of business dinners, charitable board meetings and time with my daughters,” Adee said. “If it’s a night with Katherine and Elizabeth, I might go to their practice, oversee homework or be their unaccredited trainer in our downstairs gym. On the weekends, I man the big green egg (my grille) and make our favorite meal — smoked ribs.”
Adee frequently makes dinner with his daughters, Katherine and Elizabeth.
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CLINICIAN CHAMPIONS
HEALING HANDS AWARD
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s an emergency medical technician, Karen Zatorski was used to being in the middle of health-related traumas. She was not prepared, however, for her mother’s upper respiratory infection, which forced Carmela O’Rourke to be rushed to the Sameth Emergency Department at Morristown Medical Center. As her condition took a turn for the worse, the 77-year-old Morris Plains resident was transferred to the Nancy and Skippy Weinstein Inpatient Hospice and Palliative Care Center. Soon after, O’Rourke’s health spiraled downward again, and the nurses began hospice care. For Zatorski and her four siblings, it was tremendously sad, as they knew they were losing their mother. Despite the bleak circumstances, they were amazed at how beautiful and loving the nurses made this difficult time for them. The experience led them to give a Healing Hands Award tribute gift in honor of the nursing staff at the Weinstein Center.
“We can’t begin to express how grateful we are,” Zatorski said. “It goes beyond writing a check. You don’t know until you go through it.” The Weinstein Center nurses never failed to show compassion and respect in every interaction. They wiped O’Rourke’s face with warm washcloths and rubbed lotion into her hands and feet. “My mom had a stuffed rabbit and a prayer shawl — these were soothing and comforting items for her; the nurses always made sure mom was comfortable and specifically with those two items close by her face. It wasn’t just like she was a body lying there,” Zatorski said.
WE CAN’T BEGIN TO EXPRESS HOW GRATEFUL WE ARE. –Karen Zatorski
Music became a big part of the final farewell to their mom. Alix Weisz, a music thanatologist, came by regularly with her harp, and while strumming the chords, O’Rourke would turn her face toward the music. “It was a sacred and special time for all of us,” Zatorski said. “I want to go and volunteer. I want to go and learn the harp. It’s just so amazing what she brought to us.” The entire family felt comforted by how well they were treated during the two weeks that their mom was a hospice patient. The nursing staff made sure O’Rourke’s five children took time away from the room to eat or walk outside and take in the sunshine. “Our favorite time of day was when the ladies would come by with the snack cart, and we would have apple juice, ginger ale, coffee or tea along with Lorna Doones or graham crackers. Funny enough, those were the snacks that mom always had for us during our childhood. It’s all of these little moments that we will hold in our hearts forever,” Zatorski said.
To honor one or more of Morristown Medical Center’s team members with a Healing Hands Award, please visit: f4mmc.org/donate Check the Tribute box and include your message.
The late Carmela N. O’Rourke pictured with her late husband Brian J. O’Rourke.
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ori Giglio spent fifteen years as an administrative assistant at Pitney Hardin Kipp & Szuch LLP in Morristown. Her meticulous, discerning and no-nonsense approach to revising legal documents, culling information and overseeing office operations made her a valuable employee. Now she is applying that same intensity to her legacy. Last year, the Bernards Township resident had a bilateral hip replacement at Morristown Medical Center. While recovering, she noticed the two floors under construction at Gagnon Cardiovascular Institute. As a single woman with no heirs, she had been thinking about how to positively impact the community once she passed and thought that perhaps leaving her entire estate to the
LEGACY GIVING
A STATE OF GENEROSITY hospital would make sense. As usual, she got things rolling. “It was so easy,” Giglio said. “I wanted to make this decision as simple as possible.” Leaving her property to the hospital was made even simpler once she met WHATEVER I HAVE Cynthia O’Donnell, JD, Foundation GIVE WILL GO TO director of gift planning. “All you GOOD CAUSE. have to do is tell us verbally or put in writing your intention to give a –Lori Giglio bequest,” O’Donnell said. “Bequests are gifts you make from your will or personal trust. They can be gifts of cash, stock, real estate or other assets. They allow you to support your community without affecting your current lifestyle; and if your situation changes, they are revocable during your lifetime.”
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Once her bequest plans were in place, she made another straightforward decision. She named Morristown Medical Center the sole beneficiary of her IRA. With all the paperwork signed and dated, she’s reaping the good feelings. “I’m not a millionaire. In fact, at one point in my life, I worked three jobs to make ends meet,” Giglio said. “You don’t need to have a lot of money. Whatever I have to give will go to a good cause. I know I’ve made the right decision, and I’m very happy with it.”
What do donors need to know about the new retirement legislation, Setting Every Community Up for Retirement Enhancement (SECURE) Act that took effect on January 1, 2020? The SECURE Act will impact retirees in two ways:
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beneficiaries would receive payments from the CRT over one or more lives or a term of up to 20 years from the trust. At the end of the term, the remainder will go to one or more charitable organizations of the donor’s choice.
The SECURE Act increases the age retirees must start taking a taxable withdrawal or RMD (Required Minimum Distribution) from their retirement savings—from 70.5 to 72. This law only applies to an individual that turns 70.5 after 2019. The IRA owner can still take a QCD (Qualified Charitable Distribution) at age 70.5. The new law modifies stretch distributions to a non-spouse IRA beneficiary. If donors are looking for new ways to stretch their gift or distributions to their children or grandchildren after they die, a testamentary charitable remainder trust (CRT) may be a solution. The IRA owner can name a family member in the newly created CRT as a beneficiary. With a CRT, not only is this a great tax strategy, but also the non-charitable
For example, in years past, an IRA owner could leave his or her IRA to a 25-year-old granddaughter who could stretch withdrawals over her lifetime. With the new SECURE Act, spouses will be allowed to stretch payments over a lifetime. However, non-spousal beneficiaries, children and grandchildren, will have to withdraw any amount left in the IRA by the end of the 10th anniversary of the IRA owner’s death.
If you are interested in establishing a CRT, please contact your attorney.
For more information: Contact Cynthia W. O'Donnell, JD, director of gift planning at 973.593.2418
cynthia.odonnell@atlantichealth.org
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FOUNDATION FOR MORRISTOWN MEDICAL CENTER | F4MMC.ORG | 973-593-2400
Foundation for Morristown Medical Center 475 South Street | Morristown, NJ 07960
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