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Planned Giving

Grateful Alumnus Puts Trust in SLU

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The Pitlyks

Neurosurgeon Dr. Paul Pitlyk may live near San Francisco, but he left his heart in St. Louis. The native St. Louisan was one of 10 siblings and the only one to leave the Gateway City. Pitlyk still has many friends in the area. He roots for the Rams. He was disappointed when the Cardinals fell to the Giants in the 2002 National League Championship Series.

A picture of his Billiken swimming team hangs in his Burlingame, Calif., home. But swimming is not his fondest memory of Saint Louis University. That distinction comes as Pitlyk recalls stumbling as a pre-med undergraduate — until one of his teachers set him straight.

"I remember sitting outside of class one morning before German class started, and I expressed frustration with my grades to Dr. Edward Schuster," Pitlyk said. "He made a comment that I'll never forget and that changed my life forever. He said, ‘Where talent is lacking, industry takes over.' After that, I turned on the metaphorical heat, one might say. Dr. Schuster was a major factor in motivating me and propelling me through pre-med, medical school, residency and a career."

Pitlyk (A&S '55, Med '59) said he owes his career to his alma mater. "Saint Louis made me who I am today," he said. "SLU put me in this position, and I have not forgotten."

A neurosurgeon at City Hospital of San Jose for five years, Pitlyk spent 32 years in private practice. He and his wife, Nicole, have established a charitable remainder trust — one of many ways to make a gift of real estate to SLU.

Making a gift of real estate is particularly appealing because investors receive an income tax charitable deduction and avoid capital gains tax on the transfer. Donating real estate to a life income gift plan such as a charitable remainder trust, meanwhile, allows the sale of property (without payment of capital gains tax) and investment of the proceeds to generate a steady income stream for the donor.

Another option is a charitable gift of a personal residence with a retained life estate. The high-income, tax-charitable deduction — made especially attractive by today's low interest-rate environment — can improve cash flow. Those pursuing this avenue may continue to live in the residence. Thus, donors can receive the tax benefit without disrupting their lifestyles.

"These gifts were satisfying because they benefit SLU while giving me and my wife payments for life," Pitlyk said.

With the termination of benefits to the Pitlyks, all remaining funds in their charitable remainder trusts will benefit the endowment of the School of Medicine, an institution to which Pitlyk still feels indebted.

"I always wanted to go into medicine and never have regretted the decision," he said. "It was an incredibly sound move that has shaped my whole world, my whole life. I've been able to positively affect so many lives. Much personal satisfaction goes along with that."

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A charitable bequest is one or two sentences in your will or living trust that leave to Saint Louis University 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 give to Saint Louis University, a nonprofit corporation currently located at St. Louis, Missouri, or its successor thereto, ______________ [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 Saint Louis University 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 educational 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 Saint Louis University 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 Saint Louis University 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 Saint Louis University where you agree to make a gift to Saint Louis University 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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