Creating a Georgetown Legacy: Fall 2024 Issue

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Creating A Georgetown Legacy

georgetown university | fall 2024

giving.georgetown.edu/planned-giving

Linda Schakel (L’86): Making an Impact in More Than One Way

In 1986, Linda Schakel became one of a handful of women graduating from Georgetown University Law Center. In a highly competitive, male-dominated field, Schakel wondered about opportunities in her new career.

A former teacher for gifted elementary school students, Schakel decided to switch career paths and pursue her dream of practicing law. During that time, she recalls that it was almost unheard of to see a middle-aged, second-career female join a law firm, but deeply believed that Georgetown Law and its unique Jesuit values would help her accomplish her dream.

“When I graduated from college in 1970, not that many women went to law school,” says Schakel, who earned a bachelor’s degree in elementary education and later a Ph.D. in education with a concentration in gifted education. “I was 35 when I decided to go to law school. I looked at different universities and I liked that Georgetown was very accepting of second-career students.”

“When I got my first law firm job, I think I was the first 40-year-old associate that they had ever hired.”

(continued on next page)

As we begin another academic year, I would like to share my deepest gratitude for your continued support of Georgetown. Your commitment ensures we are able to continue providing the distinctive Georgetown experience shaped by centuries of Jesuit education and embracing the changing times while staying true to our core values: engaging intellect, helping students grow spiritually, exchanging ideas freely, and building a more just world.

The spirit of Georgetown is alive and well as we enter our 235th year on the Hilltop and grow the new Capitol Campus. Building on the foundation of the Georgetown Law footprint, our downtown expansion has helped create space for new academic programs, new Georgetown students, and new avenues for impact.

It is certainly an exciting time for our Georgetown community, and once again, I thank you for your part in helping Georgetown meet today’s challenges, offer immersive learning experiences, and make connections across programs and beyond our walls. With your help, we continue to empower students, foster innovation, and make a meaningful impact on our shared society.

With gratitude,

mls300@georgetown.edu

Linda Schakel (L’86) with Asmara Montgomery (L’25), the 2024 recipient of the Michael Vincent Hodge Endowed Opportunity Scholarship

Linda Schakel (L’86)—(continued from page 1)

Making

a difference in DC

Now a retired partner at Ballard Spahr LLP, Schakel specialized in tax policy and tax-exempt financing for many years.

She also served as an attorney advisor in the U.S. Treasury’s Office of Tax Policy, where she was responsible for tax legislative and regulatory projects in the areas of tax-exempt bonds, low income housing, empowerment zones and enterprise communities, work-opportunity, and welfare-to-work.

“I can drive around DC and see all of these public good projects that I would not have been able to participate in if I had not gone to Georgetown,” says Schakel.

“Georgetown opened many doors for me. My professor for Constitutional Law was Fr. Robert F. Drinan, a Jesuit priest and former U.S. House of Representative for Massachusetts,” recalls Schakel. “He served on the Judiciary Committee when they impeached Nixon and shared a lot of insight on one of the first major impeachments of that time. It was a terrific opportunity.”

Supporting today’s students

Schakel and her late partner, Michael Hodge (L’90), both transitioned from education to law. She made the decision more than 30 years ago to support scholarships at Georgetown Law, including through the law firm challenge.

Recently, Schakel created the Michael Vincent Hodge Endowed Opportunity Scholarship Fund with a blended gift that includes a bequest in her will and an outright gift that allowed the scholarship to be awarded during her lifetime so she can see the impact her gift is making in the lives of students.

The Opportunity Scholarship Program provides the most highly qualified candidates access to a Georgetown legal education and ensures that financial resources are never a barrier to their decision to enroll at Georgetown Law.

“Law school is expensive,” says Schakel. “Giving funds through my estate demonstrates my commitment to supporting students who need economic assistance for a variety of reasons. Students should be able to take advantage of the full law experience and spend more time learning about law, rather than picking up extra jobs.”

“I’ve been blessed with great experiences in my career,” she continues. “I tell law students to take advantage of as many opportunities as they can. Every interaction you have will further your legal education more than perhaps you realize at that moment.”

Creating Your Legacy at Georgetown

Georgetown’s estate planning guide is a helpful resource that includes an outline of the key elements of an estate plan and simple steps to get started with the planning process. Please scan the QR code, return the response card, contact the Office of Planned Giving at 800-347-8067 or plannedgiving@georgetown.edu , or visit giving. georgetown.edu/how-to-give/planned-giving for your complimentary copy.

Scan the QR Code here or go to g.town/create-your-legacy to request your free copy.

Dates to Remember

October 25–27, 2024

Georgetown Law Reunion

November 1–3, 2024

Georgetown Medical Center Reunion

April 3–6, 2025

John Carroll Weekend Philadelphia

May 30–June 1, 2025

Class of 1975’s 50th Reunion, and undergraduate reunions for Magis, 1965, 1970, 1980, et al.

Georgetown opens doors to a new Capitol Campus downtown

Georgetown is building on its 235-year history in Washington, DC, and the longtime presence of the Law Center in downtown DC with a new campus that brings multiple Georgetown schools together into a new, dynamic downtown community. Located just blocks from the U.S. Capitol, think tanks, and

leading national and global organizations, our Capitol Campus will usher in greater opportunities for interdisciplinary and civic engagement for the Georgetown community, including academic buildings and housing for students in the McCourt School of Public Policy, Earth Commons Institute, College of Arts & Sciences, Law Center, and more.

As global issues become more urgent and complex, Georgetown is growing to meet this moment and magnify our impact. Our students have the opportunity to work alongside scholars and researchers, policymakers, community leaders, and global changemakers on the world’s most pressing issues. The Capitol Campus offers experiential and immersive learning opportunities, dynamic new spaces, and partnerships only possible at Georgetown.

“This is an exceptional chance to deepen ties to the communities we serve; to create collaboration opportunities for undergraduates, graduate researchers, faculty, and staff alike; and, most importantly, to do our best and most important work at the heart of the nation’s capital and as a major convening point for world policy,” says Georgetown University Provost Robert Groves.

The Case for Scholarship at Georgetown

It has been 45 years since Georgetown made the transformational decision to become one of the nation’s few institutions that admits undergraduate students on a need-blind basis and meets full demonstrated financial need for all U.S. students. This decision unlocked our potential, connecting us to a nearly 500-year-old Catholic and Jesuit tradition of providing access to higher education and making Georgetown a destination for the most talented students regardless of their financial need.

Our foremost priority is to increase the number of philanthropically funded scholarships—awards that shrink students’ loan burdens and help clear their path to Georgetown. This commitment is critical to the future of our university for four reasons: 1) It ensures that every student we choose can choose Georgetown, too. 2) It enables us to compete with the best universities for the best talent. 3) It embodies our Catholic and Jesuit values. 4) It enriches the Georgetown experience of all students.

Creating a scholarship is one of the most direct ways to impact the future of Georgetown, and to have a transformative effect in the lives of our students. Like the gift from Linda Schakel (L’86) and Michael Hodge (L’90) to Georgetown Law, there are oppor-

tunities to establish a named scholarship or add to an existing fund at any of our schools, enabling extraordinary students with financial need to become part of our Hoya tradition.

To learn more about supporting scholarship at Georgetown, visit g.town/undergrad-scholarships or g.town/law-opportunityscholarships.

End the Year by Making a Tax-Smart Gift Using Your IRA

If you are 70½ and older, you can direct up to $105,000 this calendar year to charity from a qualified IRA using a Qualified Charitable Distribution (QCD). These distributions are income tax-free and count toward your Required Minimum Distribution if you are 73 and older. In addition to avoiding income tax, there is the added benefit of supporting a Georgetown school or program with your gift. QCDs must be sent directly to Georgetown from your IRA administrator.

The Legacy IRA Act also offers new opportunities to use a QCD to create a life income gift. These gifts pay beneficiaries an income for life while also providing a gift for Georgetown in the future. In 2024, individuals can use a one-time QCD of up to $53,000 to fund a Charitable Gift Annuity (CGA) or Charitable Remainder Trust (CRT). The CGA payout rate varies based on age, and is currently 7% for a 75 year old and 9.1% for an 85 year old. This may be a good option to take advantage of higher interest rates.

Simple Planned Gifts that Make an Impact

Creating Your Legacy is an informative estate planning guide made for Hoyas. It includes the elements of an estate plan, steps to start the planning process, and ideas on incorporating charitable giving into your planning.

Bequests and Beneficiary Designations

By including a gift to Georgetown in your legacy, you are continuing a tradition to educate young people to act in the service of others. Below are two easy ways to support Georgetown with significant tax benefits.

Bequests—Creating a simple, revocable bequest gift in your will or trust allows you to help ensure the future of the university while providing flexibility in case your future circumstances change. Bequests can be designated to a school or program at Georgetown you feel passionately about, or can be left unrestricted and put to use where needed most.

If you are interested in learning more about making a gift using an IRA QCD, or to request a customized CGA or CRT illustration, please contact the Office of Planned Giving at 800-347-8067 or plannedgiving@georgetown.edu.

Scan the QR Code here or go to g.town/create-your-legacy to request your free copy.

Beneficiary Designations—Another simple way to leave a legacy is by naming Georgetown the beneficiary of a retirement account or life insurance policy. Leaving these assets to an individual may decrease the gift by as much as 70% after deducting state and federal taxes. Due to Georgetown’s nonprofit status, we can realize the full value of gifts from retirement accounts, allowing you to leave other assets to loved ones while avoiding tax and maximizing your generous impact to a school or program that is meaningful to you.

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