Compassionate Friend Supports Loyola Student Composers
Bruce R. King lived close to campus. His friends will tell you that he was a musician, a great lover of New Orleans, and having spent some time in Paris as a child, a great lover of France and all things French, and most importantly, a loyal and compassionate friend to everyone who knew him.
Bruce's love of music and compassion for others will live on and can be seen in his gift to Loyola University New Orleans College of Music and Media. He had the forethought to set up a charitable remainder trust (CRT) in his estate plan to provide for a loved one while living and leaving the remainder to be restricted to "the establishment and management of a composer's stipend fund" at Loyola.
In graduate school, Bruce studied musical composition and in particular, the works of Harry Partch. Bruce continued to compose and later received recognition for one of his pieces from the Contemporary Arts Center New Orleans. He had a great knowledge of jazz and classical music. Back in the day, you might have seen him at Snug Harbor or enjoying Jazz at the Sandbar. He loved to cook and play guitar. He dabbled in real estate and sold kites on Jackson Square. In more recent years, he lived a quiet life on Pine Street, working on two books and undertaking a spiritual journey. He passed away in 2020.
There are many ways to fulfill goals for charitable giving. Bruce chose a CRT. A CRT is a trust that provides for a specified distribution, at least annually, to one or more loved ones, called income beneficiaries, for a life or for a term of years, with an irrevocable remainder interest to be held for the benefit of, or paid over to one or more charitable beneficiaries, like Loyola. There are both tax and non-tax advantages to setting up a CRT, but in Bruce's case, it allowed him to take care of a loved one while supporting Loyola student composers for many years to come.
There is no better place for musicians to thrive than at Loyola with the back drop of New Orleans. Loyola is a music conservatory and a recording studio. It's a place where artists meet, collaborate, and influence each other's work. Students perform, imagine, and find their voices. Bruce's generous gift will go a long way in supporting student composers, allowing them the freedom to create.
Like Bruce, you can support Loyola through a gift that provides income to you or a loved one for life, such as a charitable remainder trust or charitable gift annuity. Please contact Kevin Maney at 504-861-5442 or kmaney@loyno.edu to learn about these and the other ways you can give back to Loyola.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.