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Paying Forward the Lasting Gift of a Loyola Education

Steve and Schezy Barbas

Loyola University New Orleans prepares students to lead meaningful lives with and for others. Steve and Schezy Barbas have embraced and modeled this ideal.

Steve is grateful for his Jesuit education and the role Jesuits have played in his life. He grew up in Tampa, Florida, and graduated from the local Jesuit High School. The Jesuit values he learned in high school were nurtured and reinforced when Steve attended law school at Loyola University New Orleans College of Law.

Steve attributes his success in law school to several faculty members. Katherine “Kathy” Schwab, then dean for law admissions, worked closely with first-year law students. Steve was impressed with her mentorship, which helped students navigate the challenges of their 1-L year, and laid a strong foundation for a successful law school experience.

He credits Father Joseph McGill, S.J. and Father John Payne, S.J. with providing important spiritual counseling and assistance to help students manage the pressures of law school. Professor James Spoonhour’s property class inspired Steve to start a real estate business, in addition to his law practice, after he moved back to Tampa.

Steve values the friendships he formed in law school. When he first arrived on campus, the students on the second and sixth floors of Biever Hall made an impression, and they quickly became lifelong friends. Although many are now in different parts of the country, they still stay in touch and support each other. However, Steve’s most memorable experience was meeting his future wife, Schezy, who was a student at neighboring St. Mary’s Dominican College.

Ignatian Spirituality has always been a part of Steve’s life, and he appreciated the opportunities Loyola provided for students to practice their faith. He remembers retreats and campus masses. During one retreat held at Grand Coteau, Steve decided that he would propose to Schezy.

After graduation, Steve and Schezy returned to Tampa and were married. Steve started his legal career as an assistant city attorney in Tampa and went on to a successful private practice. He is a senior partner at Barbas, Nunez, Sanders, Butler & Hovsepian in Tampa, practicing primarily in workers’ compensation, products liability and personal injury law. Schezy has had a successful career in development, and is the assistant vice president of development and university relations at a local university. They have two married daughters, Terin (Jake) and Amy (Daniel), and two grandchildren, Laurel and Max.

As a student, Steve was a member of the St. Thomas Moore Law Society, the Student Bar Association, Phi Alpha Delta and a published member of the Loyola Law Review. As an alumnus, Steve remained involved with his alma mater. He served two terms on Loyola’s Board of Trustees, served on the College of Law Visiting Committee and chaired the Visiting Committee from 2001–2004.

Steve served as a member of the Jesuit Social Research Institute (JSRI) Advisory Board from 2014–2020. In 2012, Steve received the St. Ives Award, which recognizes a law alumnus who has volunteered their services to the College of Law or the university, maintained the highest standards of the profession and furthered the mission of the alumni association.

Steve is grateful for the scholarship that helped him attend Loyola. In 1996, he and Schezy established the Stephen and Schezy Barbas Endowed Scholarship for law students from Florida in the common law program. Both desired to establish a gift that would live in perpetuity and continue to help students. They feel strongly about “paying forward” the scholarship Steve received for future students. They find it rewarding to see the impact the scholarship has on the recipients.

As they were considering their estate plan, Steve and Schezy also decided to include a planned gift for Loyola by naming the university as a beneficiary of their joint life insurance policy. They were motivated to make a planned gift by the desire to make a larger impact and to advance the Loyola College of Law. They feel that donors might be surprised to know the impact they can make with a planned gift. As such, they have designated the proceeds from their insurance policy to their scholarship.

Supporting Loyola Through a Gift of Life Insurance

Life insurance can provide substantial support for Loyola and offer donors a relatively easy way of including the university in their estate plans. Depending on needs, donors can make a gift of insurance in several ways.

Donors may name Loyola University New Orleans as a beneficiary of their insurance policy by updating the beneficiary designation form with the policy holder. Donors can designate Loyola as the primary beneficiary for a percentage or specific amount.

Others may prefer to make an outright gift of an existing policy by naming the university as the owner and beneficiary of the policy. They can qualify for a federal income tax charitable deduction when they itemize on their taxes. If the donor continues to pay premiums on the policy, each payment is tax deductible as a charitable gift when they itemize.

Some donors may prefer to take out a new policy and irrevocably name Loyola University New Orleans as the owner and the beneficiary of the insurance contract. Whether the donor makes one single premium payment for the policy or pays annual premiums, each payment is tax deductible as a charitable gift when they itemize.

“We are grateful for the opportunity to support Loyola Law School. A gift of education is transformational not only for the student, but for generations to come,” Steve and Schezy say.

Loyola University thrives through the generous support of its alumni and donors, like Steve and Schezy. Planned gifts help ensure that future Loyola students reap the benefits of a Jesuit education and receive the tools they need to succeed in life. Contact Kevin Maney at 504-861-5442 and kmaney@loyno.edu to learn more.

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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.
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