Campaign Update

No Place Like Home for Creighton Donors

Like many former students, you made Creighton University your home for a number of years. Now, there is a way for you and other Creighton alumni and friends to return the favor. Through an arrangement known as a retained life estate (RLE), you can make a lifetime donation of your home while continuing to live there. This increasingly popular arrangement provides both you and Creighton with significant benefits.

An RLE is a gift plan defined by federal tax law that allows you to donate your home, vacation property or farm to a qualified charity while retaining the right to live there for the rest of your life. Creation of the RLE generates an immediate charitable contribution deduction on your income tax return. While you live on the property, you are responsible for the routine expenses normally associated with ownership — maintenance fees, insurance, property taxes, repairs, etc.

“This is an often overlooked way to make a considerable impact upon Creighton that not only generates immediate, sizeable income tax benefits, but also helps to streamline the future administration on one’s estate,” said Robert Skrydlak, associate director of Estate and Trust Services. “Plain and simple, the retained life estate is a wonderful way to create your legacy to the University.”

Several alumni and friends of the University have taken advantage of this strategy to create substantial endowment funds, including the late Gilbert Beirne, MD’45, who used this planning technique for both his Palm Springs and Pebble Beach, Calif., homes.

Jack McGraw, BSBA’53, and his wife, Joan, saw this gift arrangement as a tax-efficient way for the couple to continue their support of the University. The McGraws have supported Creighton campaigns, alumni activities, athletics and the College of Business Administration. In 1997, they also established the Jack and Joan McGraw Endowed Chair in Information Technology Management. Jack, a 1993 Alumni Achievement Award recipient; his son John, BSBA’84; and many extended family members have attended the University. In addition, for many years, the McGraws have hosted annual alumni gatherings near Palm Springs, Calif.

“Things have really come full circle … our home has been the destination for gatherings of Creighton alumni and friends in the Palm Springs area for many years. Now, the future sale proceeds will someday help future students have a better educational experience at Creighton,” said Joan McGraw. “We strongly believe and are committed to the educational mission and values of the University and feel privileged to do our part.”

“Our biggest surprise was how simple it was to create this gift. We had done our estate planning homework, so the transaction was uncomplicated and easy,” said Jack McGraw. Jack McGraw also was pleased with the many planning options available should he and his wife choose to live elsewhere.

For more information on retained life estate or any gift of real estate, contact Steve Scholer or Robert Skrydlak of Creighton’s Office of Estate and Trust Services at (800) 334-8794, ext. 1143, (402) 280-1143, or at giftplanning@creighton.edu.