Donor Stories
We thank all our donors of planned gifts for their generous support. Here are some of their stories.
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Type of Gift(s)Retirement Plan
Aside from each other and family, Drs. Art and Carolyn Asbury are committed to three things: neurology, philanthropy and Penn. They designed a gift that earmarks the bulk of their residual TIAA-CREF plans for the establishment of the Asbury Professorship in Neurology.Retirement Plan
Aside from each other and family, Drs. Art and Carolyn Asbury are committed to three things: neurology, philanthropy and Penn. They designed a gift that earmarks the bulk of their residual TIAA-CREF plans for the establishment of the Asbury Professorship in Neurology.
The Asburys have long understood both the unfavorable tax consequences of leaving such assets to non-charitable beneficiaries and the good use that those assets can be put to by Penn Medicine. The intent of their gift is to help further growth and progress at Penn by enabling neurologists to spend more time teaching and conducting research free of the financial pressures common to academic medicine. “If all efforts must be directed toward generating revenue from patient care,” Art says, “then the other two missions of the School — research and education — will atrophy, and we never want to see that happen.”
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Type of Gift(s)Charitable Gift Annuity
Physicians in Penn’s Department of Family Practice and Community Medicine really get to know their patients, perhaps more than in any other field of medicine. This special intimacy isn’t just a hallmark; it’s a prized value. In her philanthropic activities, Marjorie A. Bowman, M.D., M.P.A., the department chair, has extended that principle — determining needs and meeting them — to support Penn.Charitable Gift Annuity
Physicians in Penn’s Department of Family Practice and Community Medicine really get to know their patients, perhaps more than in any other field of medicine. This special intimacy isn’t just a hallmark; it’s a prized value. In her philanthropic activities, Marjorie A. Bowman, M.D., M.P.A., the department chair, has extended that principle — determining needs and meeting them — to support Penn.
Since 2001, Dr. Bowman has created four charitable gift annuities benefiting her department. “I believe in giving back,” says Dr. Bowman. “I feel privileged to have my job with this department. The planned gift not only satisfies my desire to give, but it also fits well in my overall financial planning.”
She has also advocated for planned giving among her colleagues, raising the subject at department meetings. Just as with her patients, Dr. Bowman takes time to explain — and listen. “The subject can seem daunting, because some people equate it with talking about death and they’re not at the age when they’re thinking in those terms,” she says. She finds it helps to share one’s own story.
Dr. Bowman’s story includes growing up on her family’s farm in western Pennsylvania. “Growing up poor has influenced me to sympathize with the less fortunate,” she says. She graduated summa cum laude from Pennsylvania State University and earned her M.D. from Thomas Jefferson Medical College.
In 1996, she came to Penn to establish the Department of Family and Community Medicine, having made a national name in the field at Bowman Gray School of Medicine at Wake Forest University. (She made gifts there too: “I always give to the institution where I work,” she says.)
As the first female clinical chair at Penn, Dr. Bowman has elevated the recognition of family medicine at Penn and throughout the country. “I am proud of what I have done these past nine years and I am even more proud that I can give back,” she says. “Penn is a good place to work, and I feel fortunate to be here.”
Dr. Bowman’s planned gift, with its current tax deduction and partially tax-free payments during retirement, helped her find a way to make a significant gift as well as benefit her own financial future. Her deferred charitable gift annuity is just one of many creative gift opportunities that benefit both the School of Medicine and its donors.
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Type of Gift(s)Real Estate
Frixos C. Charalampous, M.D., grew up in a rural village on the island of Cyprus, off the coast of Greece. “My father wanted me to follow him into the import/export business, to raise a family in Cyprus, to live his life,” he recalled. But Charalampous had another future in mind: to become a doctor.Real Estate
Frixos C. Charalampous, M.D., grew up in a rural village on the island of Cyprus, off the coast of Greece. “My father wanted me to follow him into the import/export business, to raise a family in Cyprus, to live his life,” he recalled. But Charalampous had another future in mind: to become a doctor.
It was his mother, whom he calls the “great inspiration and force” of his life, who encouraged him to follow his dream, and who persuaded his father to let him attend medical school. In her honor, Dr. Charalampous made a gift to the Department of Ophthalmology, donating his interest in a parcel of real estate from a property he owned in New Jersey. “Scheie Eye and the School of Medicine have the enviable reputation of being the centers of leadership in research and medical education,” he said. “I wanted to do whatever I could to promote its growth.”
Dr. Charalampous received his M.D. from the University of Athens shortly after World War II. He recalled that among the first patients he saw were resistance fighters. He moved on to Harvard University, where he completed post-graduate work. In 1953, he joined Penn’s Department of Biochemistry and Biophysics and spent his entire professional career there, becoming an emeritus professor in 1988.
“You learn a lot in a lecture hall,” he said. “The immediate feedback you receive from your students makes you a better teacher and it makes you strive to be the best you can be.” Of his colleagues in the Biochemistry and Biophysics Department, he said, “We were like a family, and our commitment to our work and our camaraderie made a wonderful combination. They have given me a lifetime of memories.”
By giving to Penn, said Dr. Charalampous, “I am doing my part to uphold the School’s position as a brilliant institution.” Above all, he hoped to honor the person who made it all possible, decades ago in a tiny village an ocean away. “By enabling me to go to medical school, my mother put me on a path that led me to a satisfying, wonderful career,” he said.
Dr. Charalampous’s charitable gift of real estate is just one of the creative gift opportunities that can benefit both the School of Medicine and its alumni.
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Type of Gift(s)Bequest
The estate of Catharine Ducker made a $1.2 million bequest to support the research efforts of Penn’s Abramson Cancer Center. Ms. Ducker made the bequest in honor of her parents, J. Ralph Custer and Sadie Egolf Custer. Ms. Ducker was interested in advancing cancer research and chose the Abramson Cancer Center based on its distinguished national reputation. Her generous legacy will provide crucial funding for innovative and lifesaving cancer therapies.Bequest
The estate of Catharine Ducker made a $1.2 million bequest to support the research efforts of Penn’s Abramson Cancer Center. Ms. Ducker made the bequest in honor of her parents, J. Ralph Custer and Sadie Egolf Custer. Ms. Ducker was interested in advancing cancer research and chose the Abramson Cancer Center based on its distinguished national reputation. Her generous legacy will provide crucial funding for innovative and lifesaving cancer therapies.
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Type of Gift(s)Bequest
Stanton P. Fischer, M.D., Medical Class of 1956, had great respect for the School of Medicine long before he ever set foot on campus. His father, an ophthalmologist, took a graduate course at the School of Medicine and came away deeply impressed with Penn’s method of teaching. Dr. Fischer recalls that his father admired Penn’s focus on “learning how to think for yourself and not memorizing arbitrary facts.” Dr. Fischer knew he wanted to attend the school his father raved about, and after enrolling in 1952, discovered the same enriching, mind-expanding environment.Bequest
Stanton P. Fischer, M.D., Medical Class of 1956, had great respect for the School of Medicine long before he ever set foot on campus. His father, an ophthalmologist, took a graduate course at the School of Medicine and came away deeply impressed with Penn’s method of teaching. Dr. Fischer recalls that his father admired Penn’s focus on “learning how to think for yourself and not memorizing arbitrary facts.” Dr. Fischer knew he wanted to attend the school his father raved about, and after enrolling in 1952, discovered the same enriching, mind-expanding environment.
Dr. Fischer, along with his wife of 55 years, Marie, recently transformed his respect and gratitude into a bequest to the School of Medicine. A bequest is a gift of cash or property made through a will or living trust, or by a simple amendment to an already existing will or trust. Charitable bequests are generally deductible for estate tax purposes.
Dr. Fischer began his practice as a general internist at the Kelsey-Seybold Clinic in Houston. At 77, he still practices there three days a week. Over the years, his giving has been directed largely toward scholarship aid. As a class agent for the Class of 1956, he has been drumming up support among his fellow classmates, encouraging them to establish planned gifts or scholarships. “We believe we can help these students through these gifts,” he says. “When they are able, they will give — it is a self-perpetuating cause.”
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Type of Gift(s)Charitable Remainder Trust
Louis B. Flexner, M.D., former chair of Penn’s Department of Anatomy, became a world leader in the study of memory. He never forgot the generosity that allowed him to pursue a career in medicine. Arthur K. Asbury, a longtime friend and an emeritus professor of neurology, says of Flexner, “He was interested in helping just as he’d been helped.”Charitable Remainder Trust
Louis B. Flexner, M.D., former chair of Penn’s Department of Anatomy, became a world leader in the study of memory. He never forgot the generosity that allowed him to pursue a career in medicine. Arthur K. Asbury, a longtime friend and an emeritus professor of neurology, says of Flexner, “He was interested in helping just as he’d been helped.”
Dr. Flexner’s benefactors were his famous uncles, Drs. Simon and Abraham Flexner. After four decades at Penn, Dr. Flexner and his wife, Josefa B.G. Flexner, Ph.D., made sure that their relationship with the School of Medicine would not end with their deaths: they left generous charitable remainder trusts and a substantial bequest to fund scholarship support.
Early on, Louis demonstrated an interest in health care. At age 7, he won a writing contest on “How I Intend to Earn My Living,” detailing his plan to cure leprosy. He earned both his undergraduate degree and his medical degree with financial help from his uncles. Josefa, a native of Spain, earned her doctorate in pharmacy in Madrid and won a scholarship to study at Johns Hopkins in 1930, where she met Louis. The two were married in 1938.
In 1951, Louis came to Penn as chair of the Department of Anatomy. Soon afterward, he founded the Institute for Neurological Sciences, now the David Mahoney Institute. As a research associate in the Institute, Josefa worked alongside Louis at every point. “She made it all work,” Asbury says. “She was the detail person.”
The couple lived frugally. “They saved their money, knowing it would go to create this endowment for medical education,” says Asbury. They were generous with their time and talent, continuing to work, teach and publish without pay for nearly 25 years past the mandatory retirement age. Louis died in 1996 at 94; Josefa died in 2000 at 97.
Years before her death, Josefa was quoted in a Penn publication expressing a sentiment that seems to sum up their mutual love of medicine: “We must use our imagination to spend that time between birth and death to do the thing that is most satisfying for us, and, if possible, to give satisfaction to the people around us.” The Flexners’s charitable remainder unitrusts and their sizable bequest are among the many creative gift opportunities that can benefit both the School of Medicine and its donors.
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Type of Gift(s)Deferred Charitable Gift Annuity
When Marc B. Garnick, M.D., G.M.E., meets with other School of Medicine alumni, their conversations inevitably revolve around their early days at Penn. The memories vary, but the theme is usually the same. “Every single one of us,” he says, “had a memorable and positive experience, especially due to the camaraderie of fellow classmates and Penn’s excellent and committed faculty.”Deferred Charitable Gift Annuity
When Marc B. Garnick, M.D., G.M.E., meets with other School of Medicine alumni, their conversations inevitably revolve around their early days at Penn. The memories vary, but the theme is usually the same. “Every single one of us,” he says, “had a memorable and positive experience, especially due to the camaraderie of fellow classmates and Penn’s excellent and committed faculty.”
More than 30 years after his student days ended, Dr. Garnick has become one of the School’s most devoted advocates. In addition to serving on the Medical Alumni Leadership Council and providing other kinds of support, last year he and his wife, Bobbi, created a deferred charitable gift annuity to the Medical Class of 1972 Scholarship Fund.
“I wish I could give so much more,” he says. “The School of Medicine provided me with the tools for establishing a professionally meaningful life and a livelihood for my family. You just cannot put a value on that.”
Today, Dr. Garnick is a nationally recognized expert in urological cancer. He lectures throughout the country and is the author of “A Patient’s Guide to Prostate Cancer.” He divides his time between clinical practice and teaching at Harvard Medical School, where he is a full professor, and serving as executive vice president and chief medical officer of Praecis Pharmaceutical, Inc.
For Dr. Garnick, drug development is particularly exciting because of its potential to help thousands of patients. Not surprisingly, Dr. Garnick sees an important place for his alma mater in this area. “Drug development and extending people’s lives is the lifeline of medicine,” he says. “Penn Medicine is the perfect vehicle to bring the two worlds of business and academics together.”
Dr. Garnick will do “whatever it takes” to bring more support to the School. To that end, he and his wife have hosted dinners for alumni at their home outside of Boston. “We see these events as a way to inspire others to get involved and give back to an excellent institution.”
Dr. Garnick’s planned gift, with its current tax deduction and partially tax-free payments during retirement, helped him find a way to make a significant gift as well as enhance his own financial future. His deferred charitable gift annuity is just one of many creative gift opportunities that benefit both the School of Medicine and its donors.
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Type of Gift(s)Charitable Gift Annuity
Starting with his first days as a Penn medical student in the fall of 1964 and throughout his professional career, David B.P. Goodman, M.D., Ph.D., has called Penn his home. “I’ve been here a long time and I’m loyal to Penn,” says the professor of pathology and laboratory medicine. “It’s a great place.”Charitable Gift Annuity
Starting with his first days as a Penn medical student in the fall of 1964 and throughout his professional career, David B.P. Goodman, M.D., Ph.D., has called Penn his home. “I’ve been here a long time and I’m loyal to Penn,” says the professor of pathology and laboratory medicine. “It’s a great place.”
Dr. Goodman’s loyalty took the form of service as co-chair of the Faculty Annual Giving Program. Leading the charge with Bernett L. Johnson Jr., M.D., professor of dermatology and HUP’s chief medical officer, Dr. Goodman helped raise more than $150,000 in gifts from faculty to support scholarship aid. To top off the success, he and Kathleen Greenacre, M.D., his wife, made a gift to the campaign in the form of a charitable gift annuity.
“Medical school is a big financial burden,” says Dr. Goodman. “Kathleen and I are committed to helping relieve that burden. If Penn is to get the best of the best, the faculty must support them — after all, they perpetuate what we do.”
Dr. Goodman currently directs the Endocrine-Oncology Laboratory, where his research includes exploring the properties of saliva to diagnose endocrine diseases and cancer. Dr. Greenacre, who also has a Ph.D. in clinical pharmacology, recently retired from Penn after five years in student-health services.
Dr. Goodman has a quick answer when asked the secret of Penn’s eminence. “It’s the people that make Penn the remarkable institution that it is,” he says. “Fine buildings and systems aren’t worth much without exceptional people to make it work.” Summing up his philosophy on giving to Penn Medicine, he says, “Penn is a fine institution and education is a very important thing to support.”
The charitable gift annuity from Drs. Goodman and Greenacre represents one of the creative gift opportunities that can benefit both the School of Medicine and its alumni and friends. A charitable gift annuity can provide you with a lifetime stream of payments and a current income tax deduction, while ultimately benefiting Penn.
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Type of Gift(s)Bequest
Drs. David and Kathy Guarnieri, both anesthesiologists, have always placed great value on education. Although they earned medical degrees from different schools, they agree that the University of Pennsylvania School of Medicine prepared David extremely well. “I would not be where I am without my degree from the School of Medicine,” says David, a member of the Medical Class of 1984. “It was a basis, a wonderful beginning for my profession. And even though she did not attend, Kathy has a great appreciation for the School as well.”Bequest
Drs. David and Kathy Guarnieri, both anesthesiologists, have always placed great value on education. Although they earned medical degrees from different schools, they agree that the University of Pennsylvania School of Medicine prepared David extremely well. “I would not be where I am without my degree from the School of Medicine,” says David, a member of the Medical Class of 1984. “It was a basis, a wonderful beginning for my profession. And even though she did not attend, Kathy has a great appreciation for the School as well.”
The Guarnieris, who live in Scottsdale, Arizona, decided to transform their heartfelt appreciation into a scholarship that is included in their will. The David M. and Kathleen M. Guarnieri Scholarship will provide a world-class education to many students who otherwise could not afford it. The Guarnieris want future generations of medical students to experience “the best of the best” with the high-caliber education, admiration from their peers and pride that a University of Pennsylvania School of Medicine education can deliver.
Kathy says, “We decided to make a planned gift, which we feel is a wonderful way to perpetuate our name and to extend our gratitude to the School of Medicine.”
“We have taken stock of our lives,” David adds, “and we are happy with where we are. It now feels like the right time to give back. The only way we got to be where we are is through Penn. Through the wonderful vehicle of planned giving, we will be able to give others the same opportunities we had.”
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Type of Gift(s)Charitable Gift Annuity
When it came time to choose a career, the young W. Benson Harer Jr. was sure of one thing: he did not want to go into medicine. He figured his father, W. Benson Harer Sr., C’17, M’21, a renowned Penn obstetrician and former president of the Pennsylvania Medical Society, would be a hard act to follow.Charitable Gift Annuity
When it came time to choose a career, the young W. Benson Harer Jr. was sure of one thing: he did not want to go into medicine. He figured his father, W. Benson Harer Sr., C’17, M’21, a renowned Penn obstetrician and former president of the Pennsylvania Medical Society, would be a hard act to follow.
Despite his misgivings, Dr. Harer entered his father's alma mater in the fall of 1952. “My first year of medical school was a dreadful bore,” he says. “But I stuck it out. Then, it all got better because I met Pamela.” His wife of 53 years graduated from the Penn’s College for Women in 1956.
Coincidentally, Dr. Harer was studying labor and delivery when the first of their four children was born. “My view of Ob/Gyn transformed completely and I finally understood my father’s passion. The field was about watching a new life emerge. I decided that I did indeed want to follow in his footsteps.”
Following his residency at HUP in 1960, Dr. Harer had a successful private practice in San Bernardino, California, for more than 30 years. Career highlights include serving as president of the San Bernardino County Medical Society and of the American College of Obstetricians and Gynecologists.
To celebrate his 50th reunion this year, Dr. Harer created a charitable gift annuity benefiting the Department of Obstetrics and Gynecology. “I owe much of my success to Penn, and I feel very fortunate to be a graduate,” he says. In addition to returning to his “beloved campus” to reminisce with old friends, Dr. Harer will also be a guest speaker, leading a presentation on his other great passion — the history and culture of ancient Egypt. He is an adjunct professor of Egyptology in the humanities department at California State University at San Bernardino. He has written numerous articles on Egyptology, including several that combine his knowledge of medicine with his passion for ancient history and archeology.
Reflecting on his alma mater, his career in obstetrics and his philanthropy to the School of Medicine, Dr. Harer gratefully acknowledges the model his father provided, “I am proud to follow in his path,” he says.
Dr. Harer’s charitable gift annuity helped him find a way to make a significant gift, while obtaining a current income tax deduction and the security of guaranteed, partially tax-free lifetime payments. A charitable gift annuity is just one of many creative gift opportunities that benefit both the School of Medicine and its donors.
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Type of Gift(s)Retirement Plan
From Arizona to Africa, Avery Harrington, M.D., Medical Class of 1956, and Carolyn Beckenbaugh Harrington, C.W.’52 , have given generously of their time and resources during their 53 years of marriage. The University of Pennsylvania instilled in them many of their ideas and shared values, including a commitment to hard work, volunteerism and philanthropy.Retirement Plan
From Arizona to Africa, Avery Harrington, M.D., Medical Class of 1956, and Carolyn Beckenbaugh Harrington, C.W.’52 , have given generously of their time and resources during their 53 years of marriage. The University of Pennsylvania instilled in them many of their ideas and shared values, including a commitment to hard work, volunteerism and philanthropy.
Inspired by their appreciation of how Penn shaped their view of the world as well as their role in it, the Harringtons decided to name the School of Medicine and the College of Arts and Sciences beneficiaries of their IRA. “There are various convoluted ways to deal with an IRA in one’s estate plans, but dividing it among our favorite causes was simple and tax-efficient,” says Dr. Harrington.
Over the past five decades the couple has led a rich and interesting life together, and they credit Penn with giving them a solid foundation for their careers and volunteer activities. Dr. Harrington says, “Our Penn education has served us well, and not just academically. The common values we learned have made us the people we are and gave us the rich experience that is our lives.”
“This is our way of saying thanks,” says Mrs. Harrington.
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Type of Gift(s)Charitable Remainder Unitrust
Each time Benjamin Natelson, M.D., Medical Class of 1967, walked into the library of the School of Medicine, in what is now called the John Morgan Building, and saw the famous Thomas Eakins painting “The Agnew Clinic,” he knew he was somewhere special. “I felt pampered as a student,” he says. “The quality of the education, the professors, everything at the School was just brilliant.”Charitable Remainder Unitrust
Each time Benjamin Natelson, M.D., Medical Class of 1967, walked into the library of the School of Medicine, in what is now called the John Morgan Building, and saw the famous Thomas Eakins painting “The Agnew Clinic,” he knew he was somewhere special. “I felt pampered as a student,” he says. “The quality of the education, the professors, everything at the School was just brilliant.”
To show his gratitude for his excellent medical education, Dr. Natelson, along with his wife, Gudrun Lange, Ph.D., set up a charitable remainder unitrust (CRUT), which was recommended by his financial advisor. CRUTs provide flexibility, a hedge against inflation and tax benefits to the donor that other vehicles may not provide. At the end of the unitrust’s term, the remaining principal distributes to charity. In the case of the Natelsons’s CRUT, the School of Medicine will benefit.
“I got a superb education,” says Dr. Natelson, “a superb start at a profession, and the CRUT is a great vehicle, not only to provide some income, but to provide something good to my alma mater.” Dr. Natelson is a professor of neuroscience at the University of Medicine and Dentistry of New Jersey in Newark. He specializes in treating patients who suffer from chronic pain and fatigue. Recently, he authored his third book, “Your Symptoms Are Real: What to Do When Your Doctor Says Nothing is Wrong.”
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Type of Gift(s)Charitable Gift Annuity, IRA
When Arthur Peck, M.D., Medical Class of 1952, applied to medical schools in 1948, he received 39 rejections and one acceptance. Initially, he was puzzled — his academic record was “unimpeachable,” and he was active in many extracurricular activities. He suspected that the rejections were based not on his career as a student, but on the fact that he was a Jew. In that era, he explains, most American medical schools limited their student bodies to 10 percent racial or religious minorities. Penn was the rare exception.Charitable Gift Annuity, IRA
When Arthur Peck, M.D., Medical Class of 1952, applied to medical schools in 1948, he received 39 rejections and one acceptance. Initially, he was puzzled — his academic record was “unimpeachable,” and he was active in many extracurricular activities. He suspected that the rejections were based not on his career as a student, but on the fact that he was a Jew. In that era, he explains, most American medical schools limited their student bodies to 10 percent racial or religious minorities. Penn was the rare exception.
“I was considered a minority and I was not judged in the same way as other students,” says Dr. Peck. “Penn gave me an opportunity that changed my life. They judged me on merit, not my religion.” In Dr. Peck’s view, Penn was a “shining example of ethics and morals.” He says, “The School had a moral compass, and I will always be grateful for that.”
A retired psychiatrist who now resides in Tenafly, New Jersey, Dr. Peck has transformed his gratitude into philanthropy. He has established four charitable gift annuities and has allotted a percentage of his IRA to the School of Medicine. His philanthropic inclinations are a family trait. “My parents showed me that philanthropy was important by what they said and what they did,” Dr. Peck says. “They could only give small amounts, but to me, the lesson was clear: philanthropy enriches your life.”
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Type of Gift(s)Charitable Gift Annuity
When Charles W. Rohrbeck, M.D., Medical Class of 1958, first set foot on the Penn campus more than 50 years ago, he was awestruck. He could not believe his dream of going to medical school had come true. Fifty years later, while attending Medical Alumni Weekend for his class reunion, that sense of awe was ever present. “I marveled at the new buildings going up and the new realms of research that are being developed,” he says. “The School of Medicine is truly the epicenter of learning and I am so proud to be an alumnus.”Charitable Gift Annuity
When Charles W. Rohrbeck, M.D., Medical Class of 1958, first set foot on the Penn campus more than 50 years ago, he was awestruck. He could not believe his dream of going to medical school had come true. Fifty years later, while attending Medical Alumni Weekend for his class reunion, that sense of awe was ever present. “I marveled at the new buildings going up and the new realms of research that are being developed,” he says. “The School of Medicine is truly the epicenter of learning and I am so proud to be an alumnus.”
Dr. Rohrbeck is a retired obstetrician-gynecologist who lives in State College, Pennsylvania, with his wife of more than 50 years, Annette. He hears students express their fears of the “exorbitant cost” of medical school and says, “This is another difference. Attending medical school was doable in my time. Now it is almost out of reach.”
To make a superior medical education more accessible to Penn Medicine students, Dr. Rohrbeck celebrated his 50th reunion by supporting the Medical Class of 1958 Scholarship Fund with a charitable gift annuity. To him, this method of planned giving is a “win-win” situation. “It is a perfect scenario,” he says. “I get a tax exempt annual income, while at the same time supporting Penn in a very meaningful way.” Musing about the students, he says, “They should follow their dreams, just as I did. As they walk around campus, they should be full of amazement and be proud that they are attending Penn.”
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Type of Gift(s)Charitable Gift Annuity, Bequest
Thirty years ago, Penn legend Jonathan E. Rhoads, M.D., G.M.E.’40, gave Charlotte Snyder a gift unlike any other — six more years with her husband, Arnold. Inspired by the eminent surgeon’s expertise and friendship, Mrs. Snyder created two charitable gift annuities and established a bequest supporting the Jonathan E. Rhoads Endowed Professorship in Surgery. “Arnold and I talked it over and we knew that giving to this professorship was the ideal way to show our gratitude,” she recalls. “I know my gift is not only a way to honor Dr. Rhoads, it is a way to honor Arnold.”Charitable Gift Annuity, Bequest
Thirty years ago, Penn legend Jonathan E. Rhoads, M.D., G.M.E.’40, gave Charlotte Snyder a gift unlike any other — six more years with her husband, Arnold. Inspired by the eminent surgeon’s expertise and friendship, Mrs. Snyder created two charitable gift annuities and established a bequest supporting the Jonathan E. Rhoads Endowed Professorship in Surgery. “Arnold and I talked it over and we knew that giving to this professorship was the ideal way to show our gratitude,” she recalls. “I know my gift is not only a way to honor Dr. Rhoads, it is a way to honor Arnold.”
Dr. Rhoads, a former Penn provost and chair of the Department of Surgery, died in 2002 at the age of 94. Today, the Rhoads Professorship is held by Douglas Fraker, M.D., chief of the Division of Endocrine and Oncologic Surgery. Last October, Mrs. Snyder spoke with Dr. Fraker at an event celebrating endowed professorships. “He was wonderful,” she says. “I can see that he has the same qualities that Dr. Rhoads had — a strong dedication to his work and his patients.” That evening, Mrs. Snyder met other donors who support the more than 120 endowed professorships at the School of Medicine. “All of us are providing support for future research and medical education,” Mrs. Snyder says. “It just brings me a particular joy that I can do this.”
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Type of Gift(s)Life Insurance
Douglas Spencer, M.D., Medical Class of 1957, and his wife, Janet, decided on an unusual way to donate to his class’s scholarship fund. Dr. Spencer, who enjoyed a distinguished career as a developmental pediatrician, retired from the Alfred I. duPont Hospital for Children in 1992. Mrs. Spencer was a medical secretary at HUP while they lived in West Philadelphia, and later enjoyed a career as an interior designer. The Spencers wanted to show their gratitude to the School and to celebrate Dr. Spencer’s 50th Reunion. “My medical school years at Penn provided the solid base for the entire rest of my career,” says Dr. Spencer.Life Insurance
Douglas Spencer, M.D., Medical Class of 1957, and his wife, Janet, decided on an unusual way to donate to his class’s scholarship fund. Dr. Spencer, who enjoyed a distinguished career as a developmental pediatrician, retired from the Alfred I. duPont Hospital for Children in 1992. Mrs. Spencer was a medical secretary at HUP while they lived in West Philadelphia, and later enjoyed a career as an interior designer. The Spencers wanted to show their gratitude to the School and to celebrate Dr. Spencer’s 50th Reunion. “My medical school years at Penn provided the solid base for the entire rest of my career,” says Dr. Spencer.
Penn’s Office of Planned Giving suggested a way for the Spencers to give what was hidden in plain sight: an unneeded life insurance policy. When fully paid up, these policies are often overlooked assets that can provide support for Penn Medicine and tax advantages for the donor.
“We took out this policy years ago when we had young children, but now our children are grown and the purpose of the policy is no longer relevant,” Dr. Spencer says. The couple simply transferred ownership of the policy to Penn. Penn then directed the cash value, which had grown to far exceed the policy’s face value, to the Medical Class of 1957 Scholarship Fund.
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Type of Gift(s)Life Insurance
Jerome Staller was always an innovator. An accomplished businessman with a doctorate in economics, he founded the Center for Forensic Economic Studies, one of the first consulting firms in the United States to focus on the analysis of damages and liability in civil litigation. He continued to break new ground in forensic economics and then as a best-selling author. When Mr. Staller needed treatment for a heart condition, he chose another innovator — Michael A. Acker, M.D., Penn’s chief of cardiovascular surgery and one of the nation’s top heart surgeons.Life Insurance
Jerome Staller was always an innovator. An accomplished businessman with a doctorate in economics, he founded the Center for Forensic Economic Studies, one of the first consulting firms in the United States to focus on the analysis of damages and liability in civil litigation. He continued to break new ground in forensic economics and then as a best-selling author. When Mr. Staller needed treatment for a heart condition, he chose another innovator — Michael A. Acker, M.D., Penn’s chief of cardiovascular surgery and one of the nation’s top heart surgeons.
The relationship between Mr. Staller and Dr. Acker was one of mutual admiration, according to Staller’s son, Chad. The Staller family spent a great deal of time at Penn as Mr. Staller was undergoing treatment. The Stallers came to know Dr. Acker and the staff well, and appreciated the expertise and professionalism of everyone at Penn Medicine. In gratitude for the care he received at Penn, Mr. Staller made a gift to Penn Medicine through life insurance. He passed away in 2008.
“My father respected how everyone at Penn held themselves to the highest standards,” says Chad. “He was himself a successful man and Dr. Acker is a superior surgeon. My father saw something good happening with Dr. Acker and his staff in the cardiac unit.”
Naming Penn Medicine as a beneficiary of a life insurance policy is a wonderful way to incorporate Penn into your estate plans. Donating a paid-up life insurance policy can be an effective way to make a generous gift, reduce your taxable estate and receive a federal income tax deduction.
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Type of Gift(s)Charitable Remainder Unitrust
Gordon W. Webster, M.D., remembers something his parents said during a discussion about his medical school tuition: “It will be hard,” they said, “but we will find a way.”Charitable Remainder Unitrust
Gordon W. Webster, M.D., remembers something his parents said during a discussion about his medical school tuition: “It will be hard,” they said, “but we will find a way.”
And his parents, an actuary and a homemaker, did just that. Dr. Webster went on to earn his medical degree from Penn, his parents’ alma mater, after completing his undergraduate studies at Brown University. This winter, Gordon and Joan Webster, his wife of 45 years, chose to honor his parents’ memory by creating a charitable remainder trust that will ultimately establish the Lindsay M. Webster, C ’25, & Marcia A. Webster, Ed ’29, Endowed Scholarship.
“My parents did not have a lot of money, but they were generous and always, always stressed education,” says Dr. Webster, of Newtown Square, Pennsylvania. “Even with his six grandchildren, my father gave them a small amount of money each month, which he hoped they would use for graduate school.”
Both of the elder Websters were the first in their families to attend college. Lindsay graduated with a degree in English; Marcia became a teacher, then a homemaker. They lived in the same house in Drexel Hill for 60 years. “Penn was a large presence in their lives,” says Dr. Webster. In fact, he and Joan, a fellow Brown graduate, met through his parents’ Penn friends.
After graduating from Penn, Dr. Webster began an internship at Lankenau Hospital. Military service in Korea soon followed, after which he completed one year of medical residency at Hartford Hospital and two at Lankenau Hospital. Dr. Webster enjoyed a 33-year career as an internist at Lankenau Hospital with a private practice in Havertown, where Joan was office manager. They retired in 1997.
The high cost of medical education influenced their decision to support scholarships. “Today’s students are in debt and that is a terrible burden,” says Joan. “We wanted to offer them the same opportunity we had — no debt at graduation.”
The Websters say their philosophy of giving is not related to wealth but to helping other students — and their parents — “find a way.” “We are not rich,” they say, “but giving to Penn will benefit so many.”
The Websters’s gift of a charitable remainder unitrust, with its tax advantages and payment stream, helped them find a way to make a significant gift to scholarships while enhancing their own financial future.
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Type of Gift(s)Charitable Remainder Unitrust
During his undergraduate years at Penn, Ferdinand G. Weisbrod, M.D., G.M., remembers reading about the life of the industrialist/philanthropist Andrew Carnegie. He never forgot Carnegie’s personal philosophy about wealth: Give money to your children but “don’t overdo it — too much money can make them soft and nonproductive.” Instead, Carnegie advised, leave most of your wealth to philanthropy.Charitable Remainder Unitrust
During his undergraduate years at Penn, Ferdinand G. Weisbrod, M.D., G.M., remembers reading about the life of the industrialist/philanthropist Andrew Carnegie. He never forgot Carnegie’s personal philosophy about wealth: Give money to your children but “don’t overdo it — too much money can make them soft and nonproductive.” Instead, Carnegie advised, leave most of your wealth to philanthropy.
“I decided then that if ever I achieved some sort of wealth that I would present it to the University — the place that was so important to me in finding my place in the world,” says Dr. Weisbrod.
During the next six decades, Dr. Weisbrod married, had three children, and embarked on careers in medicine and real estate. A combination of timing and talent led to his switch to real estate. In the early 1970s, problems with the family real estate holdings led Weisbrod to try his hand at the field. He figured he could do a better job of managing the properties than the professionals. He was right. What began as a side job eventually became an all-consuming second career. Taking advantage of a booming real estate market, he eventually acquired 35 properties. Then, he created two charitable remainder unitrusts that ultimately will fund a professorship in the School of Medicine’s Division of Gastroenterology, his original field of interest.
“There are so many exciting things happening in medicine today,” he says. “The pace of discovery is accelerating all the time.”
Dr. Weisbrod’s generous gift also serves him well. In addition to obtaining a sizable current income tax deduction, he will receive a lifetime income stream.
In his philanthropy, Dr. Weisbrod also hopes to impart the lesson he learned from Carnegie. “I think it’s important to steer all Penn graduates toward a policy of giving gifts to the University, rather than to Uncle Sam — and also to avoid giving too much to your children,” he says. “Money can create more problems than it solves. But the gifts to the University are going to solve problems.”
Dr. Weisbrod’s charitable remainder unitrusts are among the many creative gift opportunities that can benefit both the School of Medicine and its alumni.