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Inspired by a Jesuit Education

Steve Williams

Successful attorney Steve Williams poses with his furry friend. He generously included Loyola in his estate plan so generations of students can receive the same benefits he did.

Steve Williams' path to Loyola was initially forged in a World History class at his Florida high school, where he first learned about the Jesuits. From then on, he was intrigued with the order and their vision of education based on Ignatian values.

Steve mentioned his interest to his mother and a family friend. As he was nearing the time to decide on a college, his friend gave him information on several Jesuit universities and Steve selected Loyola University New Orleans.

When Steve first arrived on campus, he felt like a fish out of water. His hometown in Florida was small in contrast to New Orleans. Steve's mother advised him to adjust and embrace this new experience. It didn't take long for him to acclimate and make friends in his dorm, which made for a smooth transition.

Steve found a welcoming and wonderful community at Loyola. He was impressed with the professors, who took an interest in the success of their students. In particular, he fondly recalls Dr. Sabatini, his language professor, who was a great mentor. Steve was a political science major at Loyola, as he planned to attend law school. Political Science was a traditional undergraduate degree for those planning a career path in law.

Steve has a successful legal practice in Trinity, Florida where he is a partner with Williams and Ackley. He practices in the areas of bankruptcy, civil litigation, business closings, personal injury, medical malpractice, real estate, and wills and probate.

Steve is grateful for his Jesuit education at Loyola and wanted to give back to the university. As he considered his estate, he decided to include Loyola in his plan.

Steve used several estate planning tools, including a bequest in his will and IRA beneficiary designations, among other types of planned gifts. He chose these instruments because he feels that they will provide an easy and straightforward way for the university to receive the funds after his death.

Leaving a Legacy Through a Bequest and IRA Beneficiary Designations

Steve included Loyola in his will. Making a will is a strategic way to provide for your loved ones and favorite charitable organizations. Some ways that donors have named Loyola in their will include (1) a specific bequest of an exact amount or specific item; (2) a percentage bequest; (3) a bequest of the remainder or residue; and (4) a contingency bequest.

Another way Steve included Loyola in his estate plan is by naming the university as the beneficiary of his Individual Retirement Accounts (IRAs). IRA beneficiary designations offer donors who want to support Loyola University New Orleans' mission after their lifetime with an easy and flexible method.

To name Loyola as a beneficiary, the donor contacts their retirement plan or IRA administrator and completes a beneficiary designation form, naming the university as a beneficiary. After completing the form, the donor returns it to the plan administrator.

Steve's mother was supportive of his decision to attend Loyola, and he believes she would have wanted him to give back to the university. "Loyola gave to me a wonderful education and lifelong friends," he says. "Giving to Loyola is my way of helping future students have the same treasure."

Loyola prepares students to lead meaningful lives with and for others; to pursue truth, wisdom, and virtue; and to work for a more just world. With the support of alumni donors like Steve, Loyola will continue to inspire future generations of Loyola students.

If you would like to learn more about the multitude of flexible ways to strengthen Loyola's legacy and enrich the lives of the students of today and tomorrow, contact Kevin Maney at 504-861-5442 or kmaney@loyno.edu. We are here to help!

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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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