Grateful Alumnus Puts Trust in SLU
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."