1. Home
  2. Alumni + Giving
  3. Planned Giving
  4. Meet Our Donors
  5. Bud and Marcia OToole

Boy Scout Motto Served Bud O’Toole Well in Life and After

Bud and Marcia O'Toole

William Francis "Bud" O'Toole, B'38 passed away in 2017, five days before his 99th birthday. The love of his life, Marcia LaGarde O'Toole, lived to be 102. They were married for 75 years but spent 83 years together. They met when Marcia was attending Dominican College and Bud was a freshman at Loyola University. Although their lives would take them all over the world, they spent their retirement years back in New Orleans and reconnecting with the university. They invested in five Loyola charitable gift annuities and dedicated a large portion of their estate to Loyola to establish a university-wide scholarship for deserving students.

Bud was a Boy Scout and later became a Leader. Bud's nephew says of Bud: "In all the responsibilities he shouldered, Bud was a Boy Scout in his approach and the method he chose to address any particular situation. The laws of scouting, not surprisingly, mirrored his life: trustworthy, loyal, kind, courteous, cheerful, thrifty and brave. The Scout's Oath encourages duty to God and country and helping others at all times, and Bud honored and held his Oath close to his heart."

Bud also practiced the Scout motto: Be Prepared! He prepared for everything, including a long retirement and a life well spent. He and Marcia were world travelers—40 countries on five continents—and they both enjoyed a good concert. Bud also saw to Marcia's well-being. As it turned out, she would outlive him by three years. Theirs was more than an 83-year love story.

Bud served in the Navy during World War II in the South Atlantic. He then served for 25 years as the Chief Purchasing Agent at the University of Tennessee. Marcia served as an administrator with the Tennessee State Department of Public Welfare in Knoxville and was instrumental in organizing the Woman's Auxiliary at St. Mary's Memorial Hospital. She served on the board of Catholic Charites in the Diocese of Tennessee and later as a board member of Catholic Charities in the Archdiocese of New Orleans. Marcia went back to school to earn a master's degree in Social Work. He was a 4th degree Knight of Columbus and served as Archbishop Hannan's Volunteer Operations Manager for the Vatican Pavilion during the 1984 New Orleans World Exposition.

Bud also had a plan in place for Loyola. "He was always giving back in gratitude for the many gifts that came his way," remarks his nephew. Because of Bud's forethought, the William F. O'Toole and Marcia LaGarde O'Toole Memorial Scholarship will provide a Jesuit education for many students for years to come.

You can create a legacy of giving that ensures future generations of Loyola students achieve their educational goals. Learn more by contacting Kevin Maney at 504-861-5442 or kmaney@loyno.edu.

eBrochure Request Form

Please provide the following information to view the brochure.

First name is required
Last Name is required
Please include an '@' in the email address

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.

A charitable bequest is one or two sentences in your will or living trust that leave to Loyola University New Orleans a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Loyola University New Orleans [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Loyola University New Orleans or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property, or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Loyola University New Orleans as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Loyola University New Orleans as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Loyola University New Orleans where you agree to make a gift to Loyola University New Orleans and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

First name is required
Last Name is required
Please include an '@' in the email address