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Planned Giving at Loyola

Planned gifts have greatly enriched Loyola's 130 year history. A planned gift may enable you to satisfy your personal financial planning needs in addition to providing Loyola University Chicago, or Loyola University Medical Center, with a very generous gift. Listed below are just some of the charitable gift giving options available at Loyola. We encourage you to contact our Office of Planned Giving if you have questions about any of these gift giving options.

Outright Gifts

Cash
Gifts of cash to Loyola entitle you to an income tax charitable deduction of the full value of the gift up to 50 percent of your adjusted gross income in the year you make the gift. If the deduction exceeds your 50 percent allowance, you may carry forward the additional value for as many as five more years, and take the deduction over time.

Appreciated Securities
If you have owned stock for more than 12 months, and if it has appreciated in value when you sell it, you must pay capital gains on the appreciation. If you give those same shares to Loyola, neither you nor Loyola pays any capital gains tax, and you receive a charitable income tax deduction for the full fair market value of those shares up to 30 percent of your adjusted gross income. If the deduction exceeds your 30 percent allowance, you may carry forward the additional value for as many as five years, and take the deduction over time.

Bequests
A provision in your will or trust document that directs a portion of your estate to a named beneficiary (such as Loyola) is called a bequest. A charitable bequest not only furthers your lifetime commitment to Loyola, but qualifies your estate for a charitable deduction that can reduce estate tax liability. There are several ways to make a bequest: you can leave Loyola a specific monetary amount; you can leave Loyola a specific piece of property; or you can leave Loyola a percentage of your estate. Please contact our Office of Planned Giving for sample bequest language.

Real Estate
As the donor of a gift of real estate, you are entitled to an income tax deduction for the property's full fair market value, if transferred outright, or for the present value of the remainder interest if you retain the right to live in the property during your lifetime. Gifts of real estate are reviewed individually to ensure conformity with Loyola's Gift Acceptance Policy. Please contact our Office of Planned Giving if you are considering a gift of real estate to Loyola.

Personal Property
Gifts of personal property such as artwork, automobiles or books are accepted on a case by case basis. The donor of personal property will be entitled to a charitable income tax deduction on the full fair market value of the property only if the use of the gift is related to Loyola's charitable purpose, so please contact our Office of Planned Giving if you are contemplating a gift of personal property.

Life Insurance
Gifts of paid-up life insurance policies are accepted at their cash surrender value. Gifts of new or partially paid-up life insurance policies may be accepted on a case by case basis. Donors of life insurance policies will be entitled to an income tax deduction. Donors who continue to pay annual premiums on a new or partially paid-up life insurance policy may enjoy additional income tax deductions over subsequent years. Please contact our Office of Planned Giving if you are contemplating making a gift of a life insurance policy.

Retirement Assets
Qualified retirement plan benefits represent the largest portion of the estates of many Loyolans. Estate and income taxes may erode up to 80 percent of these assets when they are left outright to your heirs. With careful charitable gift planning, you can reduce this tax burden and support Loyola at the same time.

Gifts That Return Income To the Donor

Charitable Remainder Trusts
Under a Charitable Remainder Trust (CRT), a donor transfers money or property in trust to Loyola. Loyola makes payments to the donor or to his/her designated beneficiary(ies) for their lives or for a period of years (not to exceed 20 years) designated in the trust agreement. When these payments terminate, the assets in the trust pass to Loyola to be used as directed by the donor. CRT's offer various federal income and estate tax deductions. In addition, if appreciated assets are used to fund a CRT, a donor may avoid capital gains taxes. You should consult with your tax advisors if you are considering creation of a Charitable Remainder Trust.

Charitable Gift Annuities
Gift Annuities are contracts between an individual and a charitable organization such as Loyola. In exchange for a gift of cash or other property to Loyola, you (or the person you choose) will receive an annuity payment that pays you a fixed amount of money for life. Annuity payments may begin immediately, or may be deferred for a period of years. You will receive a charitable income tax deduction in the year the gift is made and portions of your annuity payments will be tax free as a return of principal. Please contact our Office of Planned Giving for our current annuity rates and details.

Pooled Income Funds
The pooled income fund is a specific kind of trust that allows irrevocable gifts from separate donors to be commingled for investment purposes. In return, each named beneficiary receives a proportionate share of the net income earned by the fund each year. Upon termination of the beneficiary's interest at his or her death, a portion of the fund representing the value of the units assigned to that beneficiary will be distributed to Loyola.

Gifts That Maximize the Assets Passing to Your Heirs

Charitable Lead Trusts
This type of planned gift provides an immediate income stream to Loyola for either a fixed period of years (up to 20 years) or for the donor's lifetime. At the end of the period, the principal reverts to the donor or passes to the donor's heirs. A Charitable Lead Trust (CLT) can facilitate intra-family transfers of wealth at substantial gift and estate tax savings. The taxable value of the gift is frozen as of the date of transfer to the CLT. The appreciation will pass tax free to your designated beneficiaries. This arrangement is very useful for gifts of assets that are expected to grow in value. You should consult with your tax advisors regarding this option.

Contacting the Office of Planned Giving at
Loyola University Chicago

Robert F. Ward, J.D.
Director of Planned Giving

Office of Planned Giving
Loyola University Chicago
820 N. Michigan Avenue
Suite 1500
Chicago, Illinois 60611
phone (312) 915-6189
fax (312) 915-6450
rward@luc.edu
Kelly Anne Keeler, J.D.
Assistant Director
of Planned Giving

Office of Planned Giving
Loyola University Chicago
820 N. Michigan Avenue
Suite 1500
Chicago, Illinois 60611
phone (312) 915-7739
fax (312) 915-6450
kkeeler@luc.edu

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