A Meaningful Gift to Memorialize a Loved One

Frank and Ann Peragine

Frank Peragine made a gift to Loyola University New Orleans in honor of his late wife, Ann.

When Frank Peragine first met his bride-to-be, Ann Kothe, in 1952, they were both students at Louisiana State University in Baton Rouge. He was from a small town in Philadelphia; she was from Gretna, Louisiana. Frank was finishing law school, and Ann was close to finishing her undergraduate studies in education. They married and started a family, so she put her graduation on hold—for nearly 40 years.

Sadly, Frank lost Ann in 2014, after 61 years of marriage.

Today, Frank, a retired attorney, lives about one mile from Loyola University New Orleans in the same New Orleans Uptown home the couple shared for decades, the home where they raised their four children.

Frank, who had little previous connection to Loyola, recently made the decision to memorialize his beloved wife by establishing the Ann K. Peragine Scholarship for Louisiana Women, which will honor Ann and her Loyola education, and generously provide financial aid to other women students who are Louisiana residents.

Frank says he was inspired to establish the scholarship because Ann did a rather unusual thing when she was in her late 50s: She decided to go back to school to complete nearly 45 hours of an undergraduate degree. She chose to attend Loyola, and Frank says, "She loved it."

"She got quite a lot out of it," Frank says, "especially her association with some of her professors. She really loved history, philosophy and religious studies—the courses, and all the readings. She was an avid reader, and so she particularly loved all of the reading assignments. And every time she wrote a paper, she got very interested in the subject and, most often, got extra books for even more reading on the subject."

He recalls that his wife became especially interested in a class on the history of India and did considerable research to write a paper on Lord Louis Mountbatten, a British statesman, naval leader, and the last viceroy of India. "She would tell me about how the British exploited the country, and she was quite adamant about it. Lately, I've looked over some of the materials she received in her class, and I see that she was right, that she was learning much more of the story than I knew."

Dr. Nancy Fix Anderson, now an emeritus professor of History, taught the class on India. She remembers Ann Peragine and says, "As often happens with older, returning students, especially women, Ann worked twice as hard as her classmates." She adds, "I recall she was a wonderful student, who easily engaged with the others and seemed relaxed and definitely part of the community."

Frank feels that Loyola was the perfect place for Ann to complete her degree. "Loyola is a great place to get a broad, liberal education that includes a deep appreciation for aspects of Christianity and religion," Frank says, adding with a smile: "And she got a real kick out of her young classmates; there was some good camaraderie between them. She would come home and tell me humorous stories about their different attitudes."

He says Ann grew up in the Lutheran church in Gretna and attended Gretna High School, where her aunt, Lillian Walter, was a teacher. In addition to her studies at Loyola, Ann became very involved in her work as a Eucharistic minister at Holy Name of Jesus Church on Loyola's campus.

Today, Frank has yet another connection to Loyola: The couple's granddaughter, Wilhelmina Peragine, and her husband, Jacob Steubing, are both graduates of the class of 2007. Last year, Wilhelmina and Jacob, who now reside in Oakland, California, had their first child: A daughter whose name is Melpomene.

Memorials are the perfect way to honor a loved one, and Frank chose to establish the scholarship in Ann's memory with gifts of appreciated stock and distributions from his retirement plan. He also named Loyola as the remainder beneficiary of a charitable gift annuity. For more information about how you can memorialize a loved one and provide financial aid to students, contact Kevin Maney at kmaney@loyno.edu or 504-861-5442.

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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.

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