Property Turns Into Income
For Dr. Jack McDonnel and his wife Louise, donating the offices from his dental practice was not only a creative trust arrangement, but a way to honor his parents and the legacy they established at Virtua Memorial.
Elizabeth and Gerald E. McDonnel, MD, were prominent in the Mount Holly community for more than 65 years, contributing their time and talents to making a difference for their neighbors and patients at Virtua Memorial.
Dr. Gerald E. McDonnel was a well-known physician, credited with delivering the first baby in a new section of the hospital in 1930. A bookkeeper for the University of Pennsylvania, Mrs. McDonnel was dedicated to her sons and a multitude of organizations throughout the community. Dr. Jack McDonnel followed his parents' example and devoted his life to helping his community.
When he retired from his dental practice, he had no use for the offices he owned in a building adjacent to Virtua Memorial. Rather than sell the real estate when the market was down, Dr. Jack McDonnel and his wife gifted the property to Virtua Foundation. By gifting the property, the McDonnel's could benefit from a six-figure charitable donation, rather than a tax obligation.
This became a unique way for the McDonnels to continue to benefit the Virtua Memorial community and to honor the memory of Jack's parents, who always encouraged him and his brothers to give back.
The McDonnels' gift is recognized as The McDonnel Labor and Delivery Triage Unit in memory of Elizabeth and Gerald E. McDonnel, MD, at Virtua Memorial, allowing the legacy of the McDonnel family to live on. Creative.