LEGACY A gift planning newsletter for alumni, parents and friends of Loyola Academy
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Summer 2016
Hogan Heroes
Three generations of the Hogan family give back to Loyola by Daniel Briggs, Performing Arts Department Chair
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he arts are alive and thriving at Loyola Academy, thanks to three generations of the Hogan family. More than 25 years ago, the Hogan brothers—Frank ’55, Jim ’56 and Mike ’64—with then president, Father Ray Callahan, created an award that would draw attention to the performing arts at Loyola Academy. Named after their
Frank “Tweet” Hogan ‘28 early publicity photo.
parents, the Frank J. and Monica S. Hogan Performing Arts Award is awarded annually to a student who excels in theatrical performance and demonstrates leadership in the Loyola community. Frank and Monica worked in the entertainment industry for more than 60 years, dabbling in everything from performing, writing, directing, producing and career management. Frank, a 1928 graduate of Loyola Academy, played in a dance band while attending Loyola University in the 1930s, and Monica (Skelly) got her start singing and dancing at venues nationwide. The couple met and married in 1936. When the first of their three sons entered Loyola in 1951, the couple renewed their commitment to the school, each serving as president of the Fathers’ and Mothers’ Clubs. Together with Fathers Reinke, English, Reuter and Arimond, they put Loyola at the
“The Skelly Sisters” were comprised of Monica (left) and her cousin Ann.
center of the Catholic school arts community with the Tal-Vue Talent Review, an annual performing arts event that ran for more than 30 years. Frank, a founder of the President’s Dinner, served as co-chairman of the first and 25th dinners. Monica was Continued on Page 2
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Hogan Heroes recognized in 1965 with the Rev. Daniel A. Lord, S.J. Award for Distinguished Service in the Cause of Youth for her contributions to Loyola. Frank Jr. also played a key role in early fundraising for Loyola. Working under President Fr. John Reinke, S.J. in the late 1960s, Loyola achieved the top ranking in the country for generating voluntary financial support among Catholic Schools and tenth among private secondary schools. The Hogan family exemplified the values they learned through their experiences at Jesuit schools and were role models for all Loyola students. For this and many other reasons, the Hogan brothers established the Hogan Award in their parents’ names to keep their spirit alive, so that we can proudly proclaim that the arts are alive at Loyola Academy. Taking action to support the arts, Frank, Jim, and Mike have donated nearly $100,000 to this fund that provides support to the performing arts students of Loyola Academy.
The Hogan brothers (left to right) —Frank ’55, Mike ’64 and Jim ’56
The 2016 Hogan Award winner Connor Carlin ’16 performing in the Addams Family with Kellie Ann Hogan ’16 (Tweet Hogan’s great granddaughter).
Make a Difference at Loyola For more information on how you can make Loyola a part of your legacy, contact Tom Cramer, principal gifts officer and director of planned giving,
Great grandson Jimmy Hogan ’14 (center) as the Tin Man, won the Hogan Award his senior year.
at tcramer@loy.org or 847.920.2431.
goramblers.pla
The Truth About Planned Giving Debunking 5 Common Myths
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f you hear “planned giving” and think it’s for people older or wealthier than you—or that it’s just too confusing—check out these common myths and the truths behind them:
Myth: Planned gifts are too complicated and confusing. Truth: There are many types of planned gifts—most are simple and affordable, like a gift in your will or living trust. You just need to find the one that best fulfills your goals.
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Find Your Charitable Giving Solution Contact Tom Cramer at 847.920.2431 to learn about charitable giving solutions for you.
Myth: My estate has to be large to make an impact. Truth: By including Loyola in your estate plan for any amount, you make a lasting impact and a tremendous difference. One option is to designate a percentage of your estate.
Myth: Charitable giving’s main benefit is to reduce your tax burden. Truth: Research shows that 65 percent of people who donate to nonprofits do so because helping others makes them feel good.*
Myth: I’m too young to think about making a will. Truth: Planning your estate is an important step at any stage of your life. A simple meeting with an estate planning attorney can help you ensure that your intentions are carried out, and it can help establish a plan to receive the best tax benefits for your assets.
Myth: A do-it-yourself will saves money. Truth: A DIY will doesn’t provide the expert legal advice you need to properly plan your estate. Work with an estate planning attorney and rest assured that his or her knowledge will save you money and hassle for your loved ones.
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*2015 NMI Healthy Aging Database®
What Is Planned Giving? Defined, planned giving is a way to support charitable organizations, like Loyola Academy, by making gifts using your estate. It’s also an excellent way to support a cause that matters most to you. These gifts require some planning and, often, help from your professional advisors. They can be made now to immediately support our needs or they can take effect in the future as a final way to leave your legacy.
anmylegacy.org
Based on a True Story
One Family’s Estate Planning Journey Protection for the People and Causes That Matter Most
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ith their family’s future in mind, Susan and John recently decided to create an estate plan. They considered the special people and causes that they wanted to support in the future. As an extension of their values, they felt it was important for them to designate part of their estate for a charity to which they regularly contribute, Loyola Academy.
No Two Plans Are Alike
In creating their estate plan, their attorney took a comprehensive look at their life situation today and addressed what it meant for their future. She created trusts for Susan and John’s children, and helped them understand how to incorporate giving to their favorite charitable organizations into their plan. Susan and John were pleasantly surprised by how affordable it was to put their plan together. They are also thankful for the peace of mind they gained in the process.
Now they are prepared for the unexpected and know that the important people and causes in their life will be supported in the future.
3 Simple Actions You Can Take Today 1
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Visit goramblers.planmylegacy.org
Return the enclosed reply card to get
Contact Tom Cramer, principal gifts
to explore how you can impact Loyola
your FREE guide 12 Ways to Make a
officer and director of planned giving,
students’ lives far into the future.
Meaningful Difference.
to learn more about how you can support students for generations to come.
S E CO ND CE NT U RY OF E X C E L L E N C E IN JESU IT EDU CATION
Our Mission 1100 Laramie Avenue
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Wilmette, IL 60091-1089
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847.920.2431
Thomas J. Cramer, Principal Gifts Officer and Director of Planned Giving tcramer@loy.org
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goramblers.planmylegacy.org
© Loyola Academy and The Stelter Company | The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
To form young women and men for meaningful lives of leadership and service in imitation of Jesus Christ through a college preparatory education in the Jesuit, Catholic tradition
Support What Matters Most
Please complete and return this reply card in the enclosed envelope today. Thank you!
❏ Please send me a complimentary copy of the guide 12 Ways to Make a Meaningful Difference. If you were to create a will in the next three months, how likely would you be to include a gift to Loyola? ❏ I have already ❏ Very likely ❏ Undecided ❏ Not likely If you were to consider making a gift, which of the following would interest you? ❏ Wills/trust ❏ Real estate ❏ Stocks ❏ Retirement account ❏ Life insurance ❏ Cash ❏ Gift honoring a family member
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We respect your privacy. Information collected here will not be shared outside of our organization.
Summer 2016
Other Tax-Wise Giving Solutions
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Savings bonds—When you redeem savings bonds, you typically pay income tax on the deferred interest. If you never redeem them,
make a meaningful gift with great tax benefits. You can donate real estate in several ways:
» Give the appreciated property directly
either your estate or the person who inherits
to us. This earns you an immediate tax
them will have to pay the tax. The best way to
deduction for its fair market value and
bypass the tax burden and make a charitable
eliminates the capital gains taxes when
gift is for you to update your will or amend
you’ve owned the real estate for more than
your living trust and leave your bonds to us.
one year. Completing the gift is as simple as transferring ownership via the real
Retirement plan or IRA assets—Taxes can erode a significant portion of this gift when
estate title.
» Make a gift through your will or living
left to loved ones. Leaving these assets to a
trust. Made as part of your estate plan, this
charity like ours is a tax-smart option. We can
type of gift gives your estate an estate tax
receive all that’s left to us from a retirement
deduction and supports future generations.
plan or IRA. Leaving these same assets to
purchase the property from you for less
assets to income taxes at their ordinary
than its current value. You are entitled
income tax rate.
to a charitable income tax deduction for
If you would like to make an impact now
the difference between the sale price and
and are 70½ years old or older, you can give
the fair market value, which reduces your
up to $100,000 from your IRA directly to a
capital gains taxes and provides you with
qualified charity such as ours without having
cash from the sale.
» Donate your home but keep living in it. Through a “retained life estate,” you make
Charitable lead trust—This charitable trust
a gift of your home and retain the right
pays income to one or more charities,
to use and occupy the property during
typically for a period of years, and then
your life. You also receive an immediate
the remaining assets in the trust pass to
income tax deduction for part of your
noncharitable beneficiaries, such as family.
home’s value.
Based on the circumstances, the type of
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12 Ways To Make a Meaningful Difference
» Consider a bargain sale. This means we
your loved ones, however, can expose the
to pay income taxes on the money.
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Real estate—Giving real estate allows you to
Thomas J. Cramer Principal Gifts Officer and Director of Planned Giving 1100 Laramie Avenue Wilmette, IL 60091-1089 847.920.2431 goramblers.planmylegacy.org
property used and the intended beneficiaries,
It’s Your Move
lead trusts can have significant estate or gift
After reviewing these giving options, feel free to
tax benefits.
contact us about the gift that most interests you.
E printed on recycled paper The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
Do the Most Good Make the Greatest Impact With Your Gift Many supporters like to make a gift to an important cause that matters most to them. There are several effective ways to share your generosity today and in the future. Take a look at the various options available to help you achieve your charitable goals.
Favorite Ways to Make a Gift
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Cash—The most common gift you can make is cash. You have an immediate impact and
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you to designate a beneficiary for these types of accounts through a payable- or transfer-on-death
A Gift That Pays You
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Charitable remainder trust (CRT)—A CRT will pay you either a variable or fixed dollar
we benefit right away. In return, you receive
designation.* Designating us as beneficiary of
an income tax charitable deduction for the
your bank or brokerage accounts is a simple and
unitrust or annuity trust, respectively—each year
full value of the gift up to 50 percent of your
straightforward way to support our work. You are
for the rest of your life or a term of years (up to
adjusted gross income (AGI).
also free to change beneficiary designations at
20) from assets you place in a trust. At the end
any time.
of the term, the balance in the trust goes to the
Securities—Stocks and publicly traded securities offer numerous tax advantages. You can:
» transfer the stock to us electronically
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through your broker, or
» send the stock certificate and a signed stock power for each certificate to us separately through the mail.
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Bank and brokerage accounts—Most states allow
charities of your choice. Plus, you are eligible for Life insurance—You may be wondering what to donating the policies to us or simply naming us as beneficiary.
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with cash, securities or other assets, only a portion of its income will be spent, allowing the remaining
effective way to make a future gift. A single
gift will supplement our programs forever.
give a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
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We’re Here to Help
Endowments—When you make an endowed gift
amount to continue growing. That portion of your
needed to complete your gift to us. You can
an immediate partial income tax deduction.
do with a policy you no longer need. Consider
Gift in your will or trust—This is a simple, sentence in these documents is all that is
amount—depending on whether you choose a
Tribute gift—Remember someone special
Retirement plan assets make up one of the largest portions of the wealth of many individuals. They also can be a flexible way to provide a charitable gift to our organization.
forever by making a gift to us. This is a powerful way to honor a loved one or recognize a specific program.
*State laws govern payable-on-death accounts and transfer-on-death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
We are happy to answer your questions and provide you with helpful tips on doing the most good for our organization.
Thomas J. Cramer Principal Gifts Officer and Director of Planned Giving 847.920.2431
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