Two Generous Gifts Provide Scholarships for Students

Loyola University recently received two leadership gifts for scholarship support in the form of bequests.

Approximately $2.5 million from the estate of Clement Tricon "Tric" Sehrt, J.D. '71, will be directed to the Clement H. and Norris Tricon Sehrt Law Scholarship Fund, established by Tric and Gretchen Sehrt in 1987 in memory of their parents. The Sehrt scholarship fund supports academic scholarships for talented law students.

Tric was an attorney and the owner of R.J. Tricon Co. Following law school, he worked as a staff attorney for Senator Russell Long in Washington, D.C. He returned to New Orleans in 1974 to run the family business and continued to practice law. He served on the board of directors for Liberty Bank of New Orleans, and he was an active member of the American Bar Association and the International House, as well as numerous community organizations.

Loyola also received an approximately $2 million estate gift from Dr. Everett L. Drewes for academic scholarships.

Everett specialized in obstetrics and gynecology. In 1954, he reported to the U.S. Naval Hospital in Pensacola, Fla., later becoming chief of OB-GYN. He returned to New Orleans in 1956 to establish his private practice. He was on staff at Mercy Hospital and served as president in 1977. He retired from practice in 1990. Everett's late wife, Mary Postelle Martin Drewes, attended Loyola in the early 1930s.

These generous gifts provide much-needed scholarship support for hard-working students who need financial assistance to pursue their dream of a college degree. If you're interested in supporting future Loyola students through a gift in your estate plans, please contact Kevin Maney at 504-861-5442 or kmaney@loyno.edu.

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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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