Casassa Legacy Society
The Casassa Legacy Society is a prestigious group of individuals who strengthen and shape Loyola Marymount University for generations to come.
The Casassa Legacy Society is named after the 10th president of then Loyola University of Los Angeles, Charles S. Casassa. Father Casassa had a lifelong and distinguished commitment to Ignatian principles, academic excellence and human relations. He served as the president during a period of unparalleled growth, from 1949 to 1969. Under his leadership, the university experienced significant development, including the merger of Loyola University and Marymount College in 1973. He left his legacy to those who carry on the university’s important work.
Established in 1966
The Casassa Legacy Society recognizes alumni and friends of the university who have followed this tradition of excellence and caring by designating a gift either in their estate plans or through one of our life income arrangements. Their generosity and vision ensures that future generations of students are provided with the best education available in the Jesuit and Marymount traditions. If you have included LMU in your testamentary plans or are interested in establishing a planned gift, you are invited to join the Casassa Legacy Society.
Those who provide for Loyola Marymount University through their will, estate plan, life income agreement or other planned gift arrangement are invited to join the Casassa Legacy Society. There are several giving societies at Loyola Marymount University, so a gift may qualify you for membership in more than one giving society. Membership in the Casassa Legacy Society is dependent on the type of gift plan, not the amount of the gift.
The Office of Gift Planning is committed to maintaining the discretion of our member’s gift plans. If Casassa Legacy members desire that their gift plan remain confidential, the university will respect their anonymity.
As can happen from time to time with any revocable gift plan, your plan may change. Membership in the Casassa Legacy Society honors and acknowledges those whose intent it is to include the university in their testamentary plans.
The Casassa Legacy Society enables the university to express its gratitude to those who generously support its mission. For many, that spirit of giving has spanned generations. Casassa Legacy Society members are invited to attend special events, receive updates from the Office of Gift Planning concerning legal and tax changes that may effect estate planning, receive recognition in LMU’s annual Honor Roll unless otherwise instructed, receive an attractive keepsake of their membership in the Society and have the knowledge and satisfaction that they have preserved the wonderful educational opportunities available at Loyola Marymount University for future generations.
An ideal way to support the university is to include LMU in your will. You will retain full use of your financial assets during your lifetime and the value of your estate will be reduced by the amount of your gift before it is taxed.A charitable bequest can take one of four different forms:
- A percentage bequest designates a percentage of your estate to LMU.
- A specific bequest designates a fixed dollar amount or specific piece of property to LMU.
- A residuary bequest designates the remainder of your estate to LMU after all other bequests have been satisfied and expenses have been paid.
- A contingent bequest designates a bequest to LMU if other beneficiaries do not survive.
In addition to bequests, there are other gift planning opportunities available to support LMU.
For example, deferred gifts with life income enable a donor to make an irrevocable contribution of cash, securities or other property to the university. In turn, the assets are invested and income paid to the donor and/or spouse or other beneficiaries for a predetermined period of time. After these “life interests” have ended, the remaining principal passes as a contribution to LMU.Specific types of planned gifts include:
- Charitable gift annuity
- Deferred charitable gift annuity
- Charitable remainder unitrust
- Charitable remainder annuity trust
- Charitable lead trust
- Pooled income fund
- Life estate
- Life insurance
These gift planning opportunities offer various tax advantages to the donor, as well as membership in the Casassa Legacy Society.
LMU’s Office of Planned Giving can provide to you and your financial advisors complete information and personalized illustration for all types of planned gifts.
You are not required to share either your estate plan or your estate planning documents with Loyola Marymount University. Moreover, membership in the Casassa Legacy Society does not require that these plans and documents are turned over to the university.
While disclosure of your plan and documents is not required, it may be a good idea. As a legal document, it is important that the language you use is specific to describe the organization, using its legal name and the ultimate use of your gift by that organization. For example, if there is a specific program that you would like your gift to ultimately benefit, it may be important to further specify within which school or college the program is situated as there may be occasion where there may be two or more of such programs.
As we will always respect your anonymity when requested, providing the university with copies of planning documents, even when revocable, will allow the university to ensure your gift is used in the manner in which you determine.
For additional information, contact Loyola Marymount University by calling Cheryl Mott Smith at 310.338.1862 or email@example.com.
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.