GIFT PLANNING OPPORTUNITIES AT THE UNIVERSITY OF CHICAGO | FALL 2015

Hard work and a little luck PHOTOGRAPHY BY LISA GODFREY LISA BY PHOTOGRAPHY

MAKE YOUR MARK | PLAN A GIFT LEAVE A LEGACY Paying it forward

After “a little luck” helped her get into graduate school, Julie Noolan helps future students.

found her “soul mate.” Carroll, who did two years of doctoral work at UChicago in the ’40s, had always revered the Univer- sity, thanks to his father, a professor at the University of Vermont. “Dan always thought Chicago was the best university in the world,” Noolan says. “I always jokingly said he fell in love with me knowing nothing else about me except that I had a PhD from the Univer- sity of Chicago.” Noolan added an MBA through the ex- ecutive program at what is now the Uni- versity of Chicago Booth School of Busi- ness, and a few years later she and Carroll formed their own consulting company. Noolan credits her UChicago training for her strength as a consultant. “I did my homework and was always thorough in collecting data and being able to defend statements I made. I got that analytical and intellectual rigor from my education.” Noolan also developed a special interest in organizational development, eventually teaching the subject at American Univer- sity in Washington, DC. Carroll, meanwhile, had joined the Vis- hen she applied for admission annuity, will support students studying iting Committee to the Divinity School. to the University of Chica- in the Divinity School. He’d always been interested in religious W go’s Graduate Library School Noolan ranged across the University education and had consulted for the Epis- in 1966, Julie Noolan, AM’68, PhD’74, in her own library school days: classes at copal Church. “He enjoyed the intellec- MBA’83, had a few strikes against her. the business school and at the National tual stimulation,” Noolan says. Carroll Though she’d worked as a librarian in her Opinion Research Center, a dissertation stepped down from the visiting commit- native Australia, she’d never gone to col- committee comprising a physicist, a stat- tee the year before his 2007 death. lege. In fact, she hadn’t completed high istician, a political scientist, and, for good Noolan retired in 2014 but continues school. But she did have stellar references, measure, a librarian. what she calls her life’s goal: “to help cre- strong entrance exam scores, and a dean Even before graduating, Noolan had ate level playing fields, because we don’t of students, Noolan remembers, who started a five-year stint as the Medical all start at the same starting line when we had “faith that all would work out in the Library Association’s first director of come into this world.” That’s a big part long run.” education. It was during this time that of the motivation behind her Divinity It did. Now Noolan is paying that Noolan met Daniel Carroll, a manage- School gift, she says, quoting a favorite faith forward and honoring her late hus- ment consultant who had also served For- lyric from Joseph and the Amazing Techni- band by endowing the Daniel T. Carroll tune 500 companies in various leadership color Dreamcoat: “‘Anyone from anywhere Fellowship at the University of Chicago. roles. Noolan, who had divorced during can make it / If they get a lucky break’— Her gift, a combination of a charitable graduate school—“That was my prac- just as I feel I had a little luck being accept-

remainder unitrust and a charitable gift tice husband,” she quips—knew she had ed into GLS without credentials.” GODFREY LISA BY PHOTOGRAPHY

MAKE YOUR MARK | PLAN A GIFT | LEAVE A LEGACY In sickness and in health

In the largest alumnus bequest ever to the University of Chicago Medicine and Biological Sciences, a former physician honors UChicago and his wife.

Part of Goldberg’s gift goes toward the education and training of Pritzker School of Medicine students.

llan M. Goldberg, PhB’45, MD’52, ied diabetes and used radioactive iodine hospital to take care of his patients, and loved the University of Chicago from the Manhattan Project to treat thy- come back for lunch around one o’clock.” A so much that his caretaker bur- roid disease. Gretchen discovered that a After his wife’s death in 1993, Gold- ied him in a UChicago jogging suit. So it fatty diet was a major cause of stroke and berg made other major gifts in her honor, was no surprise to people who knew the heart attacks. including a children’s park in Flossmoor physician that he would leave the bulk of But during her residency, Gretchen and a professorship in neurology at UChi- his estate to the institution that had pro- contracted a disease in the emergency cago. In 1996 he became a charter member vided him with such intellectual and per- room, which resulted in incomplete quad- of the Harper Society, which recognizes sonal fulfillment. riplegia. Allan spent the next 40 years car- those who’ve given significant gifts to In fact, when Goldberg died in 2011 at ing for Gretchen, with the help of caregiv- the University. 84, he left the largest alumnus bequest ever er Mary Houlton. “When an alumnus like Dr. Gold- to the University of Chicago Medicine Houlton, who came to know them berg makes a gift to the University, it is a and Biological Sciences. The gift of nearly by responding to an ad in a newspaper, testament not only to the institution but $17 million has been designated to several spent 59 years in the Goldberg home, also to that person’s commitment to ex- areas of the University, establishing the helping to care for Gretchen and later cellence,” says Kenneth S. Polonsky, the Drs. Gretchen B. H. Goldberg and Allan for an ailing Allan. Allan in turn treated Richard T. Crane Distinguished Service M. Goldberg Professorship, a Goldberg Houlton’s husband when he became ill. Professor, dean of the Division of the Bio- Charitable Annuity Trust, and medical Now 82 and mother to eight children and logical Sciences and the Pritzker School of education and training. 30 grandchildren, Houlton says some of Medicine, and executive vice president for Goldberg, who ran an internal-med- her fondest memories were working with medical affairs. icine practice in Homewood and Hazel- . “He loved the University of Chicago,” crest, Illinois, won a scholarship to at- “We were truly a family,” says a soft-spo- Houlton says. “That’s why he decided to tend the University and earned his PhB ken Houlton. “And he loved Gretchen. give the money to the University.” with highest honors at 17. At the medical That’s why I was willing to help him in any Despite his reluctance about an ex- school he met his wife, Gretchen Hart- way because I admired the way he took care travagant gravesite, Houlton felt it fitting mann Goldberg, AB’47, SB’51, MD’52. of his wife.” not only that he be buried in a University Allan and Gretchen interned together The devoted husband—who worked jogging suit given to him by an employee and were both residents in internal medi- seven days a week, taking house calls until but also that a few words grace the stone cine and psychiatry at Cincinnati General his 2005 retirement—would never miss situated next to Gretchen’s at Abraham Hospital. Allan, who had served in the a meal with his wife, says Houlton. “He Lincoln Nation Cemetery in Elwood, Il-

PHOTOGRAPHY BY LISA GODFREY LISA BY PHOTOGRAPHY Navy on the USS Gadoeng Strait, stud- would eat breakfast with her, race to the linois: “Back Together Again.” ANDREW NELLES BY PHOTOGRAPHY

FOR MORE INFORMATION ABOUT BEQUESTS, VISIT GIFTPLANNING.UCHICAGO.EDU. FAQ Common questions about estate gifts

Denise Chan Gans, Do you accept bequests of artwork What tax benefits are available senior director in the or real property? through bequests? Office of Gift Planning, Yes, often we do. We may not be able The University is a tax-exempt provides answers. to accept all gifts of in-kind property, organization. Therefore, all bequests so please contact us directly to discuss we receive qualify for federal estate-tax your specific case. charitable deductions, which can help Do I need to draw up a new will or trust in reduce taxes that might be due order to add a bequest to the University? Do I have to tell the University about upon your death. No. A document called a codicil or trust my bequest? amendment can be used to add a bequest This is at your discretion. We encourage What other options are considered to an existing will. you to notify us of your intentions so that planned gifts? we may express our gratitude during your You can name the University as What specific language is needed to lifetime and include you as a member of beneficiary of an insurance policy or make a bequest to the University? the Phoenix Society. retirement plan. You can also fund a gift If you are making a general bequest, you annuity or create a charitable trust during can use the following: Can I specify how my gift will be used? your life and receive income in return. Absolutely. You are welcome to identify I give [describe dollar amount, property the areas or purpose that you would Bequests and other planned to be given, or proportion of residuary like to support directly. Please contact i gifts can count toward reunion estate] to the University of Chicago, an us to ensure that the University can class totals. Illinois not-for-profit corporation, to carry out your wishes. In the case of be used for its general educational and endowment funds, we have specific charitable purposes. language for you to use.

IN MEMORIAM Sarita S. Warshawsky, who to support graduate students Cynthia M. Grabo, AB’36, attended the College in the in American music. AM’41, left two bequests The Office of Gift Planning 1940s, left an unrestricted to provide scholarship Edward T. Myers, SB’38, left recognizes the following bequest to benefit the support: one for students an unrestricted bequest to individuals who made University. in the University of Chicago benefit the University. significant contributions Laboratory Schools and Joyce G. White, SB’46, MD’53, to the University through Ruth E. Bruch, friend of another for students in left a bequest to establish planned gifts. Their the University, left a the College. and endow the Joyce G. and legacies of generosity and bequest to support breast Tom M. White Scholarship Walter W. Blinstrub, friend commitment to academic cancer research. Fund to support scholarships of the University, left a excellence live on through the in the College. Betty Guttman, SB’43, left bequest to establish the programs they supported. a bequest of fine art to the Nini B. Blinstrub Scholarship Margaret Marian McPartland, Smart Museum. Fund to support graduate friend of the University, left students in the Division of a bequest to establish and Carl H. Carlson, PhB’49, left the Humanities. endow the Jimmy and Marian an unrestricted bequest to McPartland Fellowship Fund benefit the University.

OFFICE OF GIFT PLANNING STAFF 866.241.9802 | [email protected]

Denise Chan Gans, Senior Director; David L. Crabb, JD’63, Senior Philanthropic Advisor; Heather R. McClean, LAB’93, Director; Genevieve Hughes, Associate Director; Brenda Lee Johnson, Marketing Manager; Kristine Panicola, Marketing Specialist;

PHOTOGRAPHY BY ANDREW NELLES BY PHOTOGRAPHY Caroline Beetley, Executive Assistant

TIP: UNRESTRICTED BEQUESTS ALLOW THE UNIVERSITY TO USE THE FUNDS WHERE THEY ARE MOST NEEDED. The fine art of informing your fiduciaries

Greg Schlender, JD’78, an expert in estate planning, asset If you appoint a family member protection, and elder law and founder of Schlender Law Firm in i or friend to serve as fiduciary, Boulder, Colorado, shares advice on executors, trustees, agents, consider providing reasonable and other personal estate representatives. compensation for his or her time.

At the end of the day, when all of the deci- Health-care agents especially need to them the name and contact information sions have been made and documents have know that they’ve been nominated: They of your attorney, and let them know if been signed, many estate-planning clients will need a copy of your HIPAA authori- the attorney is available to answer their still have one question: Should I tell my zation in order to get information from questions. Let them know where a copy fiduciaries that I’ve nominated them as the hospital staff. They’ll also need a copy of your estate plan can be found so they executor, health-care agent, or guardian? of your health-care directive, both to prove aren’t flying blind when something The answer to the question is yes; their authority and to make medical per- happens to you. If you feel comfortable, unless you have an extraordinary circum- sonnel aware of your wishes for treatment. inform them of the finer points of your stance that makes secret keeping best for It is important to let your fiduciaries plan, your specific wishes, and help pre- the time being, you should absolutely in- know that being nominated places them pare them for the role they may someday form your fiduciaries that they’ve been under no legal obligation. If, when the step into. named. Most fiduciaries will be honored time comes, they are unwilling or feel that Telling your fiduciaries how much to know that you place such trust in them. they are no longer prepared to take on the faith you have in them and how import- This is not to say that you need to explain responsibility, they are perfectly free to ant they are to you can be a very moving the entirety of your estate plan or even tell decline. This is why it is also important to process. The conversation often has the them in which order they’ve been named, nominate secondary or back-up fiduciaries. unexpected result of opening the eyes of but it is polite to let someone know that Part of the process of informing both parties to the quality of the relation- you’ve nominated them for a role. your fiduciaries is preparing them. Give ship and bringing you even closer together.

Be prepared …

for last-minute legislation pertaining to IRA charitable charity must be included as taxable income and then rollovers. Although the IRA charitable rollover is not offset with a charitable deduction, subject to possible currently available, Congress may choose to reenact it limits. If this tax provision may benefit you and you retroactively for 2015. The law allows individuals 70.5 would like to plan for its possible renewal, please or older to transfer up to $100,000 tax free from an IRA contact the Office of Gift Planning at866.241.9802 directly to the University. Without this law, IRA gifts to or [email protected].

RELATED GLOSSARY: A FEW GIFT PLANNING TERMS TO KNOW

Fiduciary A person who Codicil A document executed Charitable remainder unitrust Charitable gift annuity A assumes responsibility to by a person who had previously A transfer of $100,000 transfer of $10,000 minimum administer your trust or estate. made his or her will to modify, minimum in cash, securities, or in cash or securities, to the delete, qualify, or revoke real estate to a University trust University in exchange for a provisions contained in it. that pays you a percentage of fixed dollar amount annually. its value annually. 5235 South Harper Court Chicago, IL 60615

Rise to the challenge: 125,000 engaged alumni Phoenix Society:

Help UChicago plan for the future by strengthening It’s as simple as a our alumni community. Attend a University event and invite alumni: alumni.uchicago.edu/attend. checked box

Alumni engagement helps drive world-class education and research, bolsters the value of a UChicago degree, When you notify us that you’ve included a gift to the University in your and builds an active, tight-knit network of alumni, estate plan—by checking a box on a response card, telling a gift officer, parents, friends, and families around the world. or providing a written statement—it is known as a bequest intention. This notification alone qualifies you for lifetime membership in the Phoenix Alumni membership in the Phoenix Society counts Society. You may also choose to share further details, such as the amount, toward the engagement goal. purpose, and structure of the gift, essentially documenting your gift.

The University of Chicago is grateful for the bequests it receives from alumni, faculty, and other friends.

Become a member today. Visit phoenixsociety.uchicago.edu.

In this issue BUILDING FOR THE FUTURE | FALL 2015

An alumna pays her luck forward A physician honors his wife and UChicago Medicine How to prepare your fiduciaries