Cash Gift, Future Life Insurance Gift Create Safety Net For Future UA Students

Loren Hoch, Ed.D., has always been a quiet man, led by his Midwestern ideals on life, how to treat others, and how to make a difference. A University of Akron professor emeritus, he spent nearly 30 years preparing students academically — and helping them see their own life choices more clearly.

In retirement, Hoch maintains a spirit of volunteerism that holds true to form. In fact, his most recent gestures include donating a generous present-day gift and bequeathing his life insurance policy to The University of Akron in support of The Dr. Loren and Emma Hoch Scholarship Fund, which honors his late wife, Emma. The endowed scholarship will transform lives in perpetuity, providing scholarship assistance to senior students in the Buchtel College of Arts and Sciences.

Hoch earned his doctorate in education from Indiana University and joined UA in 1969 from Hammond, Ind., where he previously taught high school. At UA's College of Education, where he taught K-12 science education, Hoch was invited by then-Dean Bill Rogers to provide local help for an initiative combatting the problem of school-age children and experimental drug use.

"I was asked to create a series of summer workshops on drug education programs that trained teachers to deal with students who had drug issues," said Hoch, now 86 years old. "I did that for 15 years during the summers, and it gave me a great feeling. When I go around town, I still get comments from people who say, 'Hey, I was in your workshop!'"

After retiring from UA in 1997, Hoch and Emma sailed Lake Erie for a time. "How a guy from Indiana developed such a natural curiosity for the water, I'll never know!" Hoch joked. The couple later bought property near Woodsfield, Ohio, where they created a gathering place for friends and former students, many of whom still come by.

Hoch believes his scholarship gift, in a sense, is a way to honor Emma's memory and remain connected to students with whom he worked many years ago. The scholarship aids full-time biology students with GPAs of 3.0 or higher who are in their final year of undergraduate study. Hoch consulted with his sons, who agreed with making the gift as a tribute to their mother who passed away in 2013.

"Emma was very kind and always found ways to help others," he said of the woman he met at then-Indiana Central College when she was studying nursing in the late 1950s. Rules in that era, however, prohibited married women from taking college-level nursing programs, so she left. Later, Emma worked in doctors' offices, raised the couple's three sons, and finally rejoined higher education at UA's Office of International Programs, where she helped ease international students' transitions to the United States via in-home interactions with UA faculty.

"I had heard about the gifting opportunity and thought it was a great way to help others, which was really Emma's life's work as well," Hoch said. "My sons, who all studied at UA, really supported me in doing this."

"This is just my way of helping future generations, people who are 20 or 30 years into the future. We need to give them a little boost to get through."

Hoch said the life insurance gift opportunity is an easy way for anyone to make a difference. "I certainly felt I had an opportunity, really an obligation to pass on something," he explained. "This is something, I think, others really should think about doing. It will definitely impact the lives of those who come after us."

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Akron Foundation 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 The University of Akron Foundation, a nonprofit corporation currently located at 302 Buchtel Common, Akron, OH 44325-2603, 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 the UA Foundation 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 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 the UA Foundation 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 the UA Foundation 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 the UA Foundation where you agree to make a gift to the UA Foundation 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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