EST 1909
A Special Place in Our Hearts
When Liz Price and John Shugrue were considering high schools for their twins, Sydney Shugrue ’16 and Davis Shugrue ’16, they wanted, like most parents, an environment where their children would grow and learn, make lasting friendships and discover new things. “But most importantly, when it came time for life’s tough decisions, we wanted our children to ask themselves, ‘What would God think about this?’” they said. Loyola Academy brought faith into the conversation in a way that felt relevant and of the moment for the Shugrue family. Sydney and Davis began their Rambler journeys in the fall of 2012—setting them on a lifelong path of personal and spiritual growth and academic and professional success.
“I would not be who I am or where I am had it not been for Loyola,” reflects Sydney, who attended Boston College and the University of Illinois College of Law after LA. “Both the faculty and my classmates challenged me each day academically and personally to be the best version of myself.” She is now a litigation associate at Locke Lord LLP in Chicago.
Twin brother, Davis, had an equally transformative experience at Loyola. “Attending Loyola was perhaps the best decision of my life,” he says. “One of the best things about Loyola was how dedicated and talented the entire faculty was.” Davis went on to Vanderbilt University and then attended Vanderbilt Law School. He is a law clerk for the Honorable Stephen Alexander Vaden at the U.S. Court of International Trade in New York. Upon completing his clerkship, Davis will join Haynes and Boone, LLP in Dallas as a litigation associate in the government investigations practice group.
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AMDG L O YOL ADE M Y
Davis and Sydney Shugrue with the Loyola Band Inside: • A Tax-Wise Way To Give • Test Your Knowledge About Beneficiary Designations
Shugrue Family at Loyola Graduation
A Special Place in Our Hearts
“Loyola changed the lives of Sydney and Davis for the better,” says Liz of her twin Ramblers. “Loyola holds a very special place in our hearts.”
The Shugrues have been steadfast annual donors and wanted to make a more significant impact. They decided to support the Academy that had provided the academic, social and spiritual environment they sought for their children. Together, the Shugrue family established an endowed scholarship for students like Sydney and Davis, who are involved in the instrumental arts at Loyola. Their generosity will open doors for young musicians who otherwise could not afford to attend Loyola.
“You can do something with an education, and the gift of a Jesuit education … we think that’s priceless,” the family said in a joint statement.
The Shugrue Family Musical Scholarship will be funded over the next 10 years—near-term giving via annual gifts that will have an immediate impact on current students and long-term funding with an estate gift that guarantees a lasting legacy of their generosity.
The flexibility of their giving provides the best of both worlds. “Why do it now? Why wait? We want to see the scholarship in action!” the family shares. “Combining
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You can do something with an education, and the gift of a Jesuit education … we think that’s priceless.”
current giving and setting aside a portion of our estate gives us a chance to help many kids.”
“Every student should have the opportunity to experience a place like Loyola,” adds Sydney.
“I firmly believe that every student deserves access to a high-quality education,” echoes Davis. “I would not be the person I am today without Loyola.”
The Rev. Henry J. Dumbach, SJ, Society of Planned Giving Donors is named in honor of Loyola Academy’s founder, whose vision of Jesuit education is being carried on through the generosity and foresight of our planned giving donors. To learn more about making a planned gift, contact Director of Planned Giving Bridget Snyders at 847.920.2719 or bsnyders@loy.org.
2023 Loyola Football State Champs
2024 Loyola Girls Basketball State Champs
A Tax-Wise Way To Give
If you are 70½ or older, you may make a gift directly from an individual retirement account (IRA)— called a qualified charitable distribution (QCD)—to Loyola Academy.
Why is a QCD such a good giving option?
• Giving directly from your IRA rather than withdrawing these funds will not increase your adjusted gross income or subject your Social Security income to more taxes.
• Such gifts can count toward all or part of your annual required minimum distribution (RMD). While IRA owners age 70½ or older can make gifts directly to Loyola from their IRAs, the minimum age for taking RMDs has increased to 73.
• QCD gifts can be especially advantageous for those who do not expect to itemize their deductions and those whose deductions are limited.
• This year, you can make QCD gifts in any amount up to $105,000 per person per year or $210,000 for a couple with separate IRAs. The maximum amount will be indexed for inflation in future years.
Can I do this with other retirement plan assets?
• The QCD is only possible with an IRA. However, funds from other retirement plans can be rolled into IRAs to take advantage of a QCD.
• Some people choose to make charitable gifts with their retirement plan withdrawals, whether from an IRA, 401(k), 403(b) or other similar arrangements. When doing this, you will recognize income on your tax return, but you can also deduct the amount of your gift.
• A gift of long-term appreciated securities may provide you with greater tax advantages than a gift of cash. You may deduct the current fair market value as a charitable gift and avoid any capital gains tax on the appreciation.
Estate Planning Idea!
Consider making Loyola the beneficiary of a retirement plan. When you leave the balance of a retirement account to your loved ones, they must generally withdraw—and pay income tax on—the total amount within 10 years. A surviving spouse may withdraw funds over their life expectancy. You can simplify matters for your loved ones by directing all or a portion of what remains in your retirement accounts to Loyola and leaving other more tax-favored assets to loved ones.
The Gift of a Jesuit Education
Planned gifts have the potential to significantly impact the future of Loyola Academy while also helping you realize your philanthropic and financial goals. Whether you are a parent, graduate, faculty member or friend of the Academy, you can share a priceless gift with future generations—the gift of a Jesuit education. Please contact Director of Planned Giving Bridget Snyders at 847.920.2719 or bsnyders@loy.org for more information.
goramblers.org/planned-giving
The purpose of this publication is solely educational, namely to provide general gift, estate, financial planning and related information. It is not intended as legal, accounting or other professional advice, and you should not rely on it as such. For assistance in planning charitable gifts with tax and other implications, the services of appropriate and qualified advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other legal document. Consult a tax and/or accounting specialist for advice regarding tax- and accounting-related matters. © Copyright 2024 by Sharpe Group. All Rights Reserved. NNNPDF-24
Test Your Knowledge About Beneficiary Designations
Do you have life insurance policies or retirement plan accounts? Along with bank and investment accounts, life insurance and retirement plans can make up a significant portion of your overall estate.
Unlike others distributed through your will, the distribution of these assets is determined through a form that designates a beneficiary when the plan or account is created. Take the following quiz to see how much you know about beneficiary designations.
❑ TRUE ❑ FALSE Once I assign a beneficiary for my retirement, life insurance or investment accounts, I never need to think about this again.
FALSE. Events in your life, such as a change in marital status, the birth of grandchildren, moving to another state, the loss of a loved one or changes in your charitable wishes, can affect your current beneficiary
Welcome new members of the Dumbach Society
Mr. and Mrs. Alessandro M. Cena '81
Mr. and Mrs. Thomas B. Daley '69 RIP
Mr. and Mrs. Sean M. Madden '77
Mr. and Mrs. Thomas P. O'Malley '52
Mr. and Mrs. Daniel B. Peterson '79
Mr. Thomas G. Schleiter '47 RIP
Mr. John D. Shugrue and Ms. Elizabeth A. Price
Mr. Gerard A. Swick '58 RIP
Mr. and Mrs. Robert W. Tarjan '61
Bridget Snyders P'23, '25, '27 Major Gifts Officer & Director of Planned Giving 1100 Laramie Avenue Wilmette, IL 60091-1089
w: 847.920.2719 | bsnyders@loy.org
goramblers.org/plannedgiving
designations. Ensuring they reflect your intentions for your loved ones and philanthropic interests is essential. Conducting a yearly review to ensure all beneficiary designations are current is a good idea.
❑ TRUE ❑ FALSE Changing or adding to a beneficiary designation is a simple process.
TRUE. Making the change electronically or filling out and signing a basic form and mailing it to Loyola, your insurance company, retirement plan administrator or other financial entity may be all that is necessary to make the change.
❑ TRUE ❑ FALSE I can list multiple beneficiaries to receive these assets.
TRUE. Many choose to leave these assets to their spouse or other loved ones. However, there may be specific tax implications for your heirs. As you plan, consider using one or more of these accounts to make your charitable gifts and use other assets to provide for your family.
❑ TRUE ❑ FALSE I can name Loyola a beneficiary on a retirement plan, insurance policy, bank account or investment account.
TRUE. You can generally name Loyola to receive all or a portion of an account.* If you choose to do so, it is essential to have the proper legal name of the charity to ensure the assets go where you want them to.
*Special
Sample Bequest Language
If you would like to make a gift to Loyola Academy in your will or living trust, you may want to suggest that your attorney include language such as:
“I give, devise and bequeath to Loyola Academy (tax ID 36-2367981), located at 1100 Laramie Avenue, Wilmette, Illinois, the sum of $ or percent of the rest, residue and remainder of my estate for the benefit of Loyola’s general purposes.”
rules apply to some “pay on death” provisions in some states. Check with your advisors if you have questions about updating beneficiary designations.
