A system and method for implanting a ventricular assist device (“VAD”) within the heart includes one or more tools, each having a tool body with a passage. Each tool body can be engaged with an anchor ring assembly secured to the heart. A coring tool can be advanced through the passage in a tool body and used to form a hole in the heart wall, and then valve actuating elements carried on the tool can be used to close a valve incorporated in the anchor ring assembly. A VAD can be passed into the heart through a passage in a tool body after opening the valve. The procedure can be performed while the heart continues to beat, without gross blood loss.