John Crosson, MD: The Gift of a Lifetime
John Crosson, MD, began his journey with Hennepin Healthcare 60 years ago with a rotating internship at what was then Minneapolis General Hospital. He accepted a position as a general pathologist and after retirement, still teaches at the University of Minnesota.
Dr. Crosson’s impact with a legacy gift could last even longer.
Shortly after the Hennepin Healthcare Foundation was formed in 2009, Dr. Crosson designated the nonprofit as a recipient of his *charitable remainder unitrust. He was inspired after seeing so many people asking to donate to the hospital following the 35-W bridge collapse in 2007.
“We had so many people calling in, but we had to tell them that there was no mechanism to accept the money,” Dr. Crosson said. “That changed when the Foundation was formed, and I was on the Board from the beginning.”
After he and his wife Helen pass away, their charitable remainder unitrust will help fund a lectureship for the nephrology department. At that same time, another charitable remainder unitrust will be developed, and the money will become available after 15-20 years. That will fund a fellowship in another department.
“I want the institution to remain a strong teaching hospital, to continue to provide excellent patient care, and to advance research,” Dr. Crosson said.
Another advantage of a legacy gift like this is the tax advantages. It won’t affect the inheritance your children and grandchildren will receive as much as a significant donation in your lifetime.
Dr. Crosson retired from his position as a pathologist in 2005 but keeps busy teaching residents and medical students, in addition to advocating for Medicare for All legislation, which he can do virtually from his cabin up north, much to his pleasure.
A charitable remainder unitrust (also called a CRUT) is an estate planning tool that provides income to a named beneficiary during the grantor's life and then the remainder of the trust to a charitable cause. So that the trust is not simply used to avoid taxes, the federal government requires that the charity receive at least 10% of the asset's value.
Are you ready to make a lasting impact? When you share your intention to leave a legacy gift, you are invited to join our Legacy Society. Check out our new page!